FX.co ★ Thailand Manufacturing PMI Hits 5-Month Low

The S&P Global Thailand Manufacturing PMI receded to 52.7 in January 2026, down from a two-and-a-half-year peak of 57.4 in December. This figure represents the lowest reading since August 2025, indicating a more modest growth rate in both output and new business. This softer expansion is partly attributed to a continued decrease in new export orders due to tepid foreign demand. Despite the slowing momentum, Thai manufacturers have maintained an increase in staffing to manage the growing workloads. On the pricing front, average input costs climbed for the third consecutive month, driven by increased prices for raw materials and semi-finished goods. Meanwhile, output charges declined once more, registering the sharpest drop in nearly five and a half years as strong competition and the necessity to offer discounts pressured pricing power. Looking forward, Thai manufacturers remain positive, with confidence that business expansion strategies and an improving economic environment will bolster sales growth throughout the forthcoming year.