Thailand's Industrial Confidence Declines in March
(MENAFN) Thailand's industrial confidence declined for the first time in three months in March, following a major earthquake that disrupted tourism and slowed domestic economic activity, new data revealed on Tuesday.
The Federation of Thai Industries (FTI) reported that the Thai industrial sentiment index fell to 91.8 in March, down from 93.4 in February. This decline was driven by a downturn across most components of the index, which was based on a survey of 1,357 business leaders from 47 industry sectors.
The FTI attributed the drop to several factors, including signs of stagnation in the crucial tourism industry, a decline in automotive exports due to postponed orders from trade partners awaiting clarity on U.S. tariff policies, and weak purchasing power in rural areas caused by falling agricultural prices.
However, the FTI highlighted some positive developments, such as government efforts to boost the real estate sector by relaxing loan-to-value regulations, which had a beneficial impact on the construction materials industry.
The three-month outlook for the industrial sector also weakened, with the forecast index falling to 95.7 in March from 97.6 in February. Concerns over potential U.S. tariffs, which could harm Thailand's export market, were a major factor in the pessimistic outlook.
The FTI has urged the government to expedite efforts to open new foreign markets for Thai products and help local businesses transition toward high-growth S-curve industries.
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