Thai May factory output falls 3.99% y/y, worse than forecast

[snoop1130]

Thai May factory output falls 3.99% y/y, worse than forecast

 

 

BANGKOK - Thailand’s manufacturing production index (MPI) in May dropped 3.99% from a year earlier, dragged by lower production of cars and rubber products, the Industry Ministry said on Tuesday.

 

That compares with a forecast fall of 0.1% in a Reuters poll, and against April’s 2.03% gain.

 

Capacity utilisation was at 67.72% in May, compared with 63.89% in April. April had fewer work days due to holidays.

 

The ministry expects the MPI to rise 2% this year, after last year’s 2.8% increase. 

 

-- © Copyright Reuters 2019-06-25

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[geoffbezoz]

The fact it is a large drop from that previously forecast seems to add further evidence that the Junta staffed with inept Generals are totally out of touch with economic reality and are incompetent in all areas other than graft, the only business stream in which they apparently excel.

[trainman34014]

But still the Baht will keep rising !

[DrTuner]

And the worst thing is the junta spin factory must've run out of hands because many of these articles now go without their obligatory "honest taxi driver" counterpart. Shocking!

[marcusarelus]

8 minutes ago, trainman34014 said:

But still the Baht will keep rising !

When exports go down so will the baht.  

[Lacessit]

A considerable proportion of new cars sold in Australia are manufactured in Thailand. Sales are down along with consumer confidence across the board.

[ukrules]

The more expensive things become, the less business they will do.

 

For some reason the Baht continues to rise against the currencies of their trading partners, this will result in a decimation of exports and eventually tourism.

[mommysboy]

Given the decline in car output in other countries, I would expect further falls.  Even teflon Thailand is not immune.  It appears that the global slowdown has finally hit home.  

[marcusarelus]

19 minutes ago, ukrules said:

The more expensive things become, the less business they will do.

 

For some reason the Baht continues to rise against the currencies of their trading partners, this will result in a decimation of exports and eventually tourism.

It's not the baht going up it's the dollar and pound going down.

[geoffbezoz]

18 minutes ago, mommysboy said:

Given the decline in car output in other countries, I would expect further falls.  Even teflon Thailand is not immune.  It appears that the global slowdown has finally hit home.  

Well you can cook the books but you can just as easily discover that they have been overdone.

[marcusarelus]

3 minutes ago, geoffbezoz said:

Well you can cook the books but you can just as easily discover that they have been overdone.

The value of the baht is determined in a free market.  No way to cook the books.  If the baht was controlled by the government and not floating you might have a point.  

[ChipButty]

40 minutes ago, trainman34014 said:

But still the Baht will keep rising !

Sure, so the elite can go abroad and spend their ill gotten gains buying football clubs

[geoffbezoz]

2 minutes ago, marcusarelus said:

The value of the baht is determined in a free market.  No way to cook the books.  If the baht was controlled by the government and not floating you might have a point.  

So export figures, balance of payments have no influence on a currency ? all government figures open to manipulation or perhaps just not in Thailand ?

Edited June 25, 2019 by geoffbezoz

[RichardColeman]

I guess 4% is too high, Here's a 1000 baht , knock off 0.01%

[marcusarelus]

22 minutes ago, geoffbezoz said:

So export figures, balance of payments have no influence on a currency ? all government figures open to manipulation or perhaps just not in Thailand ?

Sorry no one in Thailand capable enough to fool the international currency speculators.  Con the currency markets?  Too big too much information.  That's why China is in the doghouse.  The growth and other important financial data are available to everyone who knows how to look.  I suppose the Thai gnomes are also controlling Brexit and the Federal reserve rates.  

Edited June 25, 2019 by marcusarelus

[geoffbezoz]

4 minutes ago, marcusarelus said:

Sorry no one in Thailand capable enough to fool the international currency speculators.  Con the currency markets?  Too big too much information.  That's why China is in the doghouse.  The growth and other important financial data are available to everyone who knows how to look.  I suppose the Thai gnomes are also controlling Brexit and the Federal reserve rates.  

Well to the contrary they are and they have.  And what has Brexit got to do with this thread ?

[Reigntax]

1 hour ago, DrTuner said:

And the worst thing is the junta spin factory must've run out of hands because many of these articles now go without their obligatory "honest taxi driver" counterpart. Shocking!

No. The junta spin factory increased output by 150% y/y

[marcusarelus]

11 minutes ago, geoffbezoz said:

Well to the contrary they are and they have.  And what has Brexit got to do with this thread ?

Thai currency is going up relative to the pound and dollar not because of Thailand strength but British and American currency weakness.  If Thailand has ever fooled the currency market please post a link because I remember when they floated the baht.  

Edited June 25, 2019 by marcusarelus

[geoffbezoz]

12 minutes ago, marcusarelus said:

Thai currency is going up relative to the pound and dollar not because of Thailand strength but British and American currency weakness.  If Thailand has ever fooled the currency market please post a link because I remember when they floated the baht.  

Well I should think most of us can remember that flotation, or should I say a deliberate devaluation as it was only 22 years ago.  After that and the IMF support it took the economic acumen of Thaksin and his aides to repay that debt which to this day I believe is the only country to have repaid an IMF support function early. However all that was a result of a deliberate overheated economy of the decade prior. Manipulation did not work then and sure as eggs are eggs with the current crop of crooks, history could well repeat itself in some respects.

Edited June 25, 2019 by geoffbezoz

[Plus Esse Quam Simultatur]

The European Union just signed a huge trade deal with Vietnam today, I will let you guess the reason why it wasn't with Thailand

[marcusarelus]

2 minutes ago, geoffbezoz said:

Well I should think most of us can remember that floatation, or should I say a deliberate devaluation as it was only 22 years ago.  After that that and the IMF support it took the economic acumen of Thaksin and his aides to repay that debt which to this day I believe is the only country to have rapid an IMF support function early. However all that was a result of a deliberate overheated economy of the decade prior. Manipulation did not work then and sure as eggs are eggs with the current crop of crooks, history could well repeat itself in some respects.

Like I said Thailand never fooled anyone.  

[marcusarelus]

Just now, Plus Esse Quam Simultatur said:

The European Union just signed a huge trade deal with Vietnam today, I will let you guess the reason why it wasn't with Thailand

Thailand aware of the future of the UK with a no deal Brexit?  Am I right?

[marcusarelus]

12 minutes ago, RobboR said:

They do, the money held in foreign reserves could be used for infrastructure but instead is held so they can control & manipulate their currency.

 

Also they put restrictions on liquidity on a daily basis

 

https://www.bot.or.th/English/FinancialMarkets/ForeignExchangeRegulations/Measure_to_Prevent_ThaiBaht_Speculation/Pages/default.aspx

Thailand does not manipulate it's currency ask those who know, "If we had done so, our baht would not be like this," Bank of Thailand governor Veerathai Santiprabhob said.

 

They don't want it high as it's killing exports and Thailand's economy depends on exports and tourism both of which tank if the currency rises.  

[DrTuner]

1 hour ago, Plus Esse Quam Simultatur said:

The European Union just signed a huge trade deal with Vietnam today, I will let you guess the reason why it wasn't with Thailand

Interesting. https://www.consilium.europa.eu/en/press/press-releases/2019/06/25/eu-vietnam-council-adopts-decisions-to-sign-trade-and-investment-agreements/

 

It's been in the works for a long time but was delayed because of the commie issues. Looks like EU bit the bullet and got in bed with them.

[elliss]

3 hours ago, trainman34014 said:

But still the Baht will keep rising !

    But still gbp keeps falling . 

    Thai economy  remains stronger than most western countries, and will survive .

      Junta , has brought stability to Thailand , no opposition.

      Democracy at its best ..

 

 

Edited June 25, 2019 by elliss

[elliss]

3 minutes ago, RobboR said:

You do know who drained 40 billions dollars out recently don't you? I'm pretty sure they wanted a good fx to fund their salubrious lifestyle!

        Source of your imagination ...

 

 

 

[elliss]

1 minute ago, RobboR said:

It's common knowledge and the documentation is there to see. 

 Wow ,  where ?? .. you have 39 posts under your belt , do us a favour. asap .

 

 

[DrTuner]

5 minutes ago, RobboR said:

Learn the language for pete's sake and read the REAL thai forums

The last thing I'd trust are Thai forums. Handle with extreme prejudice. Yes I can read enough to wade through if I get a mean streak of masochism.

[djayz]

2 hours ago, RobboR said:

You also get to find out how much Thais hate foreigners!! 

I actually enjoyed reading, and foolishly "liked" a few of your posts, right up until your final comment... 

 

Saying that Thais hate foreigners from comments you've stumbled across from a few anonymous sites, is like saying foreigners hate Thais based on comments you'd read here on this site. 

 

Most of 'em are too busy either (i) on social media, (ii) trying to look like they have more than they really have or (iii) too worried about the mountain of debt they are smothering under to give a rat's ar$e about you or I. Get over yourself - you're not the center of attention here. 

[khunpa]

2 hours ago, RobboR said:

 

You also get to find out how much Thais hate foreigners!! 

 

With your 40 posts and "sharp" comments, I am wondering how many years, you actually have lived here? Got a Thai-wife and family here? Own a business here?

 

 

Edited June 25, 2019 by khunpa