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Thailand's M'fing Production Returns To Expansion


The baht is unfazed by a solid beat in Thailand's M'fing Production Index, which rose 4.12% Y/Y in March, even as BBG consensus forecast was a 0.40% decline. The previous month's reading was revised to -1.35% from -1.08%.

  • The index rose by the most since 2018 and snapped a 23-month losing streak, owing to global economic recovery & low base effect.
  • Capacity utilisation rose to 69.59, the highest level in a year, after registering at 65.06 in February.
  • Spot USD/THB last seen +0.012 at THB31.390.

Fig. 1: Thailand M'fing Production Index Y/Y vs. Thailand GDP Y/Y

Source: MNI - Market News/Bloomberg

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