FX.co ★ Thailand Manufacturing PMI Hits 2-1/2-Year High

In December 2025, the S&P Global Thailand Manufacturing PMI climbed to 57.4, up from 56.8 over the previous two months. This marks the highest level seen since May 2023 and represents the eighth consecutive month of expansion in manufacturing activity. The surge in new orders reached its fastest pace in a decade, driven by robust marketing promotions and heightened domestic demand, leading to a significant increase in production. Additionally, purchasing activity picked up speed, although inventories continued to decline in response to the strong output levels. Despite this growth, external demand remained weak, as export orders decreased for the fifth consecutive month. Employment saw a slight decline for the first time in nine months, contributing to an increase in backlogs. Regarding costs, input prices rose for the second consecutive month due to higher raw material and semi-finished goods prices, indicative of renewed supply chain pressures following prolonged lead times. However, companies reduced output prices to support sales. Lastly, although business sentiment slightly diminished, it remained well above the long-term average, supported by expansion plans and the expectation of improved economic conditions in 2026.