Thai industries sentiment increased to a 25-month high of 89.2 in March, up from 86.7 a month earlier as economic activities recovered, the Federation of Thai Industries reported on Thursday.
Suphan Mongkolsuthi, chairman of the FTI, said that a 13.6% increase in car bookings at the 43rd Bangkok International Motor Show shows that Thailand’s consumer confidence has improved.
In March, confidence was bolstered by the easing of Covid-19 restrictions in many nations across the globe, which resulted in a recovery of economic activity and increased demand for industrial products.
However, the conflict between Russia and Ukraine continues to exert pressure on production costs, including energy and raw material prices for animal feed, chemical fertilizers, and ores for steel and aluminum manufacturing, and others.
The three-month forward index is predicted to rise to 99.6, up from 97.1 in February, owing to the positive COVID-19 situation. This enables people to spend more time outside and live more regular life, which results in higher domestic demand. Meanwhile, Thailand’s export sector continued to grow in lockstep with global economic trends.