Thailand Manufacturing Growth at Near 2-1/2-Year High

The S&P Global Thailand Manufacturing PMI rose to 54.6 in September 2025, up from 52.7 in August, marking the fifth consecutive month of growth and the fastest pace since May 2023. Both new orders and output increased at their strongest rates since May 2023, supported by business development efforts and improved underlying demand.However, demand growth was limited to the domestic market, as new export orders declined for the second consecutive month, and at the fastest rate since March. In response to rising output and new orders, firms increased their purchasing activity at the fastest pace in over a year. Employment rose, with job creation hitting its strongest pace in a year. On prices, input costs fell for the third consecutive month and at the steepest rate in four months, mainly due to supplier discounts. As a result, selling prices dropped modestly for the first time since March. Looking ahead, business sentiment improved to its highest level in nearly two-and-a-half years.