OIE: COVID-19 propelled many Industrial sectors

[webfact]

OIE: COVID-19 propelled many Industrial sectors

Panod Srisinsuphya

 

   

BANGKOK (NNT) - COVID-19 having severely affected the world’s economy, has nevertheless contributed to the major growth of many sectors especially those able to meet current demands.

 

The Office of Industrial Economics (OIE) has reported continuous positive signs from the Industrial sector. Looking at the country’s Manufacturing Production Index (MPI) for 2020, the figures show that despite a marked decline in the overall index in April 2020 with COVID-19 forcing the country to undergo a lockdown, some businesses have learnt to adapt their strategies and achieve a gradual recovery, now reaching near normal numbers, while some sectors have managed to perform overwhelmingly well despite the crisis.

 

A closer look shows that COVID-19 having made people sick and halted economic growth, also led to increased demand for technology to help treat those infected as well as develop technologies for communication.

 

Electronic parts and Circuit Board manufacturers have reported a 12.03% increase in production compared to the same period last year.

 

People being at home more, meant household furniture sales increased by 17.5%, with foreign countries also placing orders with manufacturers in Thailand.

 

People being at home also led to increased demand for delivery services, and delivery companies required more vehicles, so production of pick-up trucks, small cars and diesel engines increased 4.49%.

 

The increased demand for cars also means greater demand for tires, the sales of which have increased 16.8% compared to previous years.

 

Then another sector that contributes to the manufacture of vehicles, electronic parts and even canned foods, are companies in the steel industry which saw demand for their output expand by 7.3% to serve the increased orders.

 

A very positive sign for the economy, with increased demand also means more jobs will be required in these industries, bringing back income for purchases, a positive cycle that with continuity could push recovery of the economy closer to the preCOVID-19 era.

 

 

-- © Copyright NNT 2021-02-10

 

- Whatever you're going through, the Samaritans are here for you

- Follow Thaivisa on LINE for breaking COVID-19 updates