Thailand Industrial Production

Thailand's industrial production expanded by 1.88% year-on-year in May 2025, slightly above market expectations of 1.8% growth, following a downwardly revised 1.91% increase in the previous month. This marked the third consecutive month of rising industrial activity, mainly driven by growth in car production and exports. Output grew for food products (5.64%), clothing and apparel (12.91%), basic iron and steel (4.97%), automotive manufacturing (12.86%), electronic components and circuit boards (5.64%), computer and peripherals (2.48%), rubber and plastic products (0.77%), and petroleum refining (0.14%). On a seasonally adjusted monthly basis, industrial production increased by 9.48% in May. Last month, the Industry Ministry lowered its 2025 growth forecast range to 0%–1%, down from a previous projection of 1.5%–2.5%, citing uncertainty over US trade policy and elevated household debt at home.