The Federation of Thai Industries (FTI) announced that the industry confidence index was 89.2 in March, up from 86.7 in February. The index value is the highest in 25 months as the index increased in all areas, including total orders, total sales, production volume and turnover.
“Car sales from the motor show increased by 13.6% from last year, reflecting better consumer confidence,”Suphan Mongkolsuthi, chairman of the FTI said.
Among the factors that have boosted industrial confidence this month is the easing of Covid 19 control measures. Economic activity has recovered in many countries around the world, and demand for industrial products has increased.
In addition, the opening of the country to tourists and the adjustment of the Test & Go measure have contributed to more foreign tourists traveling to Thailand, including in the month of March. Transport companies are in a hurry to produce products for delivery before the long vacation during the Songkran festival.
However, the situation of the conflict between Russia and Ukraine also puts pressure on companies’ production costs, which are rising due to energy and raw material prices.