BANGKOK, Jan. 31 (Xinhua) -- Thailand's industrial output dropped for the third consecutive month in December 2022 due to slowing global demand, data showed Tuesday.
The country's manufacturing production index (MPI) in December declined 8.19 percent from a year earlier, dragged down by lower production of furniture, hard disk drives and plastic pellets, according to the Ministry of Industry.
The industrial output index for 2022 edged up 0.62 percent to 98.92, lower than a 1.9-percent increase expected earlier due to a sooner-than-anticipated economic slowdown among trading partners, the ministry said in a written statement.
Despite steady growth in tourism and domestic consumption, industrial output is expected to continue falling in January due to a global slowdown and a high base, the ministry's Office of Industrial Economics director-general, Warawan Chitaroon, told a news conference.
In 2023, following China's optimized COVID-19 strategy, the Thai industrial sector is expected to see increased revenue from Chinese tourists of 200 to 300 billion baht (6.05 to 9.09 billion U.S. dollars), representing real gross domestic product (GDP) growth of 0.3 percent, Warawan said.
The ministry also expected that industrial output would increase by 2.5 percent to 3.5 percent this year.