Thai factory output unexpectedly falls 4.24% yoy in November

[BANGKOK] Thailand’s manufacturing production index unexpectedly dropped 4.24 per cent in November from a year earlier.

This is due to lower petroleum output, the strong baht and a border conflict with Cambodia, the industry ministry said on Monday (Dec 29).

The November figure compared with a year-on-year rise of 0.8 per cent forecast in a poll, and followed a revised increase of 0.04 per cent in October.

The index dropped 1.09 per cent, against a year earlier, in the first 11 months of 2025.

The strong baht pushed up export prices and eroded Thailand’s competitiveness, the ministry said. The currency has gained about 10 per cent against the US dollar so far this year, making it Asia’s second-best performing currency.

Flooding in the south and weaker tourist numbers also affected output, though higher exports and auto production, as well as government stimulus measures, did lend some support, the ministry added.

SEE ALSO

Thai central bank undertakes ‘heavy’ baht intervention to ease volatility, chief says  

Cambodia, Thailand have agreed terms on new ceasefire. Will it hold?

Thai IPO drought may persist as issuers chase valuations abroad

Asean Intelligence

Get insights into businesses across South-east Asia

Get the free report

Car production in Thailand, a regional carmaking centre, rose 11 per cent in November from a year earlier, and should reach its target of 1.45 million units for the whole year, said the Federation of Thai Industries.

The ministry has kept its outlook for factory output unchanged, saying it would drop 0.75 per cent this year and rise by 1 to 2 per cent in 2026, said Supakit Boonsiri, head of the ministry’s industrial economics office. REUTERS