Expect significant new tariffs on Chinese imports and moderate levies on goods from other nations , as President-elect Donald Trump rolls out his protectionist agenda. However, with his preference for chaotic policymaking and sudden shifts , there’s uncertainty on how soon these import taxes will actually hit. Dubbed “ Tariff Man ,” Trump aims to use tariffs both strategically and tactically . He’s mentioned taxing all Chinese goods up to 60% and potentially setting 10%-20% tariffs on imports globally , but details on these plans remain vague . Key players within Trump’s team are divided: Robert Lighthizer , a staunch tariff advocate, sees permanent duties as crucial to balance US trade , while others, like billionaires John Paulson and Scott Bessent , view tariffs as temporary leverage. Trump’s previous administration had mixed feelings, especially on national security-related trade limits , which he sometimes dismissed, favoring an “open for business” approach. High-profile busin
Thailand's manufacturing production index (MPI) rose by 1.79% in July from a year earlier, marking its first increase in three months, according to the country's industry ministry. This growth surpassed a forecasted 0.7% decline predicted by a Reuters poll, signaling a potential recovery for the sector. The rise was attributed to stronger exports, increased tourism, and higher public spending.
Key Takeaways:
Positive Turn in Factory Output: The July MPI showed a 1.79% increase, a reversal from a 1.63% decline in June, indicating a recovery in Thailand's manufacturing sector. The deputy director general of the Office of Industrial Economics, Krit Chansuwan, expressed optimism, expecting further growth in August based on higher import levels, which is a positive sign for future manufacturing and exports.
Boost from Exports and Tourism: Thailand's export sector saw a notable improvement, with a 15.2% rise in July compared to the previous year, marking the biggest increase in over two years. Imports also rose by 13.1% in the same period. Meanwhile, the tourism sector is showing strong recovery, with 23.1 million foreign visitors recorded so far this year, up 32% from the same period last year, approaching pre-pandemic levels of nearly 40 million visitors in 2019.
Annual Outlook and Forecast: Despite the recent growth, the overall factory output for the January-July period contracted by 1.48% compared to the previous year. The ministry maintained its forecast for a modest growth in manufacturing output of between 0% and 1% for the whole of 2024, reflecting cautious optimism amidst the ongoing recovery.
The rise in factory output, coupled with stronger export performance and a rebound in tourism, indicates positive momentum for Thailand's economic recovery, although challenges remain in achieving sustained growth throughout the year.
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