Thailand Manufacturing PMI Expands in February

The S&P Global Thailand Manufacturing PMI rose to 53.5 in February 2026, accelerating from a five-month low in the previous month. The growth was primarily driven by a strong increase in new orders, as businesses reported winning new customers and generally stronger demand. This, in turn, supported higher output, which expanded at a solid pace, faster than in the previous month. In addition, Thai manufacturers boosted purchasing for a ninth straight month, driven by higher production needs, stronger demand, and stock replenishment. Meanwhile, employment fell for the second time in three months, even as backlogs of work remained elevated. On the price front, input cost inflation declined for the first time in five months, while output prices rose at the fastest pace in over five-and-a-half years. Looking ahead, manufacturers remained optimistic about the year ahead, though expectations have softened from the highs recorded late last year.

The S&P Global Thailand Manufacturing PMI fell to 52.7 in January 2026, from a two-and-a-half-year high of 57.4 in December. It marked the lowest reading since August 2025, highlighting a softer pace of expansion in both output and new business, partly due to a further decline in new export orders amid subdued foreign demand. Despite the easing momentum, Thai manufacturers continued to increase staffing levels to cope with rising workloads. On the price front, average input costs rose for a third consecutive month, driven by higher prices for raw materials and semi-finished goods. In contrast, output charges fell again, at the fastest pace in nearly five and a half years, as intense competition and the need to offer discounts weighed on pricing power. Looking ahead, sentiment among Thai manufacturers remained upbeat in January, with firms expressing optimism that business expansion plans and improving economic conditions will help support sales growth over the year ahead.

The S&P Global Thailand Manufacturing PMI rose to 57.4 in December 2025 from 56.8 in the prior two months, marking the highest reading since May 2023 and the eighth straight month of growth in factory activity. New orders surged at the fastest pace in a decade, fueled by marketing promotions and stronger domestic demand, driving output sharply higher. Also, purchasing activity accelerated, but inventories fell further amid strong output. External demand remained weak, with export orders contracting for the fifth month. Employment slipped marginally for the first time in nine months, adding to backlogs. On the cost side, input prices rose for a second month as raw material and semi-finished goods prices climbed, reflecting renewed supply-chain pressures after longer lead times. However, firms trimmed output prices to support sales. Finally, sentiment eased yet stayed well above average, underpinned by expansion plans and expectations of stronger economic conditions in 2026.