Thailand's manufacturing sector returned to expansion in February as output rebounded, while new orders and employment remained stable and backlogs rose further, a survey showed on Monday.
The Southeast Asian country's manufacturing purchasing managers' index (PMI) came in at 50.6 last month, up from 49.6 in January, signaling an overall improvement in manufacturing sector performance as the figure has registered in growth territory eight times in the past ten months, according to S&P Global.
A PMI reading above 50 indicates expansion in the manufacturing sector, while a reading below 50 reflects contraction.
Following a blip at the start of the year, manufacturing production saw a solid increase in February, with the growth rate being the strongest since last August and broadly consistent with the long-term trend, said Trevor Balchin, economics director at S&P Global Market Intelligence.
The outlook for production over the next 12 months remained strongly positive in February, as firms expected to expand customer bases, develop new products, and improve efficiency, Balchin said in a statement.