Photo courtesy of Pattaya News
Thailand’s Industrial Confidence Index dropped to 87.1 in September, down from 87.7 in August, announced Nava Chantanasurakon, Vice Chairman of the Federation of Thai Industries (FTI).
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Thailand’s Industrial Confidence Index dropped to 87.1 in September, down from 87.7 in August, announced Nava Chantanasurakon, Vice Chairman of the Federation of Thai Industries (FTI). The decline is primarily due to severe flooding across northern, northeastern, and central regions, impacting homes, agricultural areas, industries, and tourism, with economic losses estimated between 30 and 50 billion baht.
The widespread flooding significantly disrupted various sectors. Nava noted that the weakened domestic purchasing power, driven by high household debt, further dampened sales of durable goods. Car sales plummeted by 24% while motorcycle sales declined by 11% in the first eight months of 2024.
Delays in government spending on public projects added to the challenges faced by the manufacturing sector. Additionally, cheap Chinese imports and a rapidly…