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The IHS Markit Thailand Manufacturing PMI was down to 49.3 in November 2019 from 50.0 in the prior month. This was the first contraction in factory activity since February, with both output and new orders falling the most in over a year. Also, overseas sales shrank for the first time in three months on the back of a strong baht, while firms further reduced employment and scale back purchasing activity. In terms of inflation, price pressures remained muted in. Average selling prices rose at the slowest pace for six months, in tandem with another marginal increase in input costs. Looking ahead, confidence reached its lowest since September 2018.

The IHS Markit Thailand Manufacturing PMI was at 50.0 in October 2019, down from the previous month's three-month high of 50.6. Growth in both production and new orders eased, while employment fell further, with backlogs of work were unchanged following a five-month period of accumulation. At the same time, firms cut back on purchasing activity for the first time in eight months and tapped into current inventories to meet demand, as reflected by falls in stocks of both input and finished goods. Meanwhile, inflationary pressures moderated, with input costs and output charges increasing marginally. Lastly, sentiment dropped to the lowest in over a year.

The IHS Markit Thailand Manufacturing PMI rose to a three-month high of 50.6 in September, buoyed by expansions in both production and new orders as well as a return to growth in new export orders. However, other survey indicators hinted that the improvement could be short-lived in the coming months as manufacturers continue to face considerable headwinds, with employment continuing to fall and inventory levels were stagnant. On the price front, input cost rose the least in three months with some reports that a stronger baht had helped to contain import price inflation. Consequently, firms raised their selling charges marginally, though at the fastest pace since June. Finally, confidence remained among the lowest seen for the past year.

The IHS Markit Thailand Manufacturing PMI fell to 50.0 in August 2019 from 50.3 in July. This was the lowest PMI reading since a contraction in February, amid a slower rise in new orders as exports declined. Consequently, output increased only slightly, with the rate of growth being the second weakest in the current sequence of expansion that has been running for ten months. Also, employment continued to fall and buying activity rose the least in six months. In terms of prices, the rate of inflation was modest, leading to only a mild increase in output prices. Lastly, confidence remained near July's low and among the lowest in nearly a year, amid concerns over a a slowing economy and declining revenues.

The IHS Markit Thailand Manufacturing PMI slipped to a four-month low of 50.3 in July 2019 from 50.6 in the previous month. New order growth weakened, dragged down by a modest rise in export sales. Also, output expanded the least in nine months, while buying level rose at a slower rate. Holdings of input stocks rebounded, with inventories of finished goods falling for a third straight month. Regarding inflation, cost pressures intensified, with reports of greater prices for raw materials, such as fuel, fabricated metal products and auto parts, alongside increased delivery fees. Meantime, factory gate prices rose marginally, despite some firms offering discounts to clear stocks. Lastly, business confidence fell to the lowest since last September.

The Nikkei Thailand Manufacturing PMI slipped to a three-month low of 50.6 in June 2019 from 50.7 in the previous month. Employment continued to fall, recording the ninth monthly decrease due to voluntary leavers. Also, input holdings dropped for the first time in four months despite greater purchasing activity. Meanwhile, output expanded the most in a year, new orders increased at the steepest pace since series began and overseas sales went up at the second-quickest pace on record. On the price front, input cost inflation ticked higher, boosted by cost of input materials, such as metal and food items, as well as greater fuel prices and delivery fees and output prices increased at the sharpest extent since February 2018. Finally, sentiment improved linked to production growth, higher sales forecasts, planned business expansions, marketing initiatives and a favourable political climate following the elections.