Thai factory output unexpectedly falls 4.24% y/y in November

The November figure compared with a year-on-year rise of 0.8% forecast in a Reuters poll, and followed a revised increase of 0.04% in October. The index dropped 1.09% compared to a year earlier in the first 11 months of 2025.

The strong baht pushed up export prices and eroded Thailand's competitiveness, the ministry said in a statement. The currency has gained about 10% against the dollar so far this year, making it Asia's second-best performing currency.

Southern flooding and weaker tourist numbers also affected output, though higher exports and auto production, as well as government stimulus measures, did lend some support, the ministry said.

Car production in Thailand, a regional automaking centre, rose 11% in November from a year earlier, and should reach its target of 1.45 million units for the whole year, according to the Federation of Thai Industries.

The ministry has kept its outlook for factory output unchanged, saying it would drop 0.75% this year and rise by 1% to 2% in 2026, according to Supakit Boonsiri, head of the ministry's industrial economics office, speaking at a news briefing.