FX.co ★ Thailand Manufacturing PMI Hits 3-Month High

The S&P Global Thailand Manufacturing PMI rose to 54.1 in March 2026 from 53.5 in February, marking the strongest improvement in operating conditions since December. The upturn was driven by a faster expansion in new orders, underpinned by stronger client demand and new business wins, which in turn supported a solid increase in output.

Nevertheless, demand continued to outpace production capacity, resulting in a further accumulation of backlogs. In response, firms stepped up their purchasing activity, and input inventories edged higher despite lengthening supplier delivery times, pointing to some emerging supply constraints. Employment fell slightly for the second consecutive month, indicating a cautious approach to hiring.

On the price front, input costs were broadly unchanged, while output prices were trimmed modestly for the fourth month in a row. Looking ahead, business confidence deteriorated sharply, with expectations for future output dropping to their lowest level in nearly four-and-a-half years amid mounting concerns over the war in the Middle East.