Thailand’s business sentiment rises in October

BANGKOK, Nov. 1 (Xinhua) — Thailand’s business sentiment rose in October due to increased confidence in both the manufacturing and non-manufacturing sectors, the central bank said on Friday.
According to the Bank of Thailand, the Southeast Asian country’s business sentiment index (BSI) was recorded at 47.0 last month, up from 45.7 in September, reflecting a slight increase in the proportion of respondents who expressed improved confidence.
However, the headline BSI remained below the 50 threshold, indicating that most businesses had weaker morale than the previous month, the central bank said in a statement.
The manufacturing index picked up across all sectors, with a notable rise in the electronic appliance industry owing to rising demand for washing machines from trading partners, while geopolitical factors and government projects also contributed to the growth.
Meanwhile, the non-manufacturing index jumped, mainly driven by the retail trade sector, as businesses reported increased confidence in performance, order books and sales volume. This was partly due to the government’s cash handout stimulus program, which boosted consumer spending, especially on fast-moving consumer goods in rural areas.
The three-month expected BSI rose to 52.4 in October from 51.6 a month earlier, thanks to rises in performance and total order books subcomponents, as the manufacturing index was stable and constantly below the 50-threshold but the non-manufacturing index edged up in nearly all businesses, led by the hotel and restaurant sector.
The reading was based on a survey of 695 respondents from large and medium-sized firms. ■