标准普尔全球泰国制造业采购经理人指数从3月份的49.9降至2025年4月的49.5，为一年来的最低水平，表明经营状况进一步恶化。受经济疲软和3月底地震影响，新订单以去年4月以来的最大速度下降。尽管如此，制造商通过解决积压问题，连续第三个月提高了产量，并自11月以来首次适度提高了人员配备水平。这些努力导致了一年来未完成工作的急剧下降。与此同时，采购活动和投入品库存再次下降，但成品库存因装运延误和产量增加而上升。在价格方面，在大宗购买策略的推动下，投入成本再次下降，而产出价格自去年8月以来首次小幅上涨。商业情绪仍然强烈乐观，公司希望营销努力和折扣将推动未来的销售。

The S&P Global Thailand Manufacturing PMI fell to 49.5 in April 2025 from 49.9 in March, the lowest reading in a year and indicating a further deterioration in operating conditions. New orders declined at the sharpest rate since April last year, weighed down by subdued economic conditions and the impact of a late-March earthquake. Still, manufacturers increased output for the third month by working through backlogs and, for the first time since November, modestly raised staffing levels. These efforts led to the steepest drop in outstanding work in a year. Meanwhile, purchasing activity and inventories of inputs declined again, though stocks of finished goods rose due to shipment delays and elevated production. On prices, input costs fell again, driven by bulk-buying strategies, while output prices increased marginally for the first time since last August. Business sentiment remained strongly positive, with firms hopeful that marketing efforts and discounts will drive future sales.

2025年3月，泰国私人投资环比下降1%，较上月1.9%的跌幅有所缓解。尽管如此，这标志着私人投资连续第二个月下降，主要是由于机械和设备投资减少，这反映在资本货物净进口减少上，尽管国内机械销售保持稳定。此外，汽车投资下降，乘用车和皮卡登记量下降就是明证。与此同时，在非住宅建筑面积许可证增加的支持下，建筑投资保持稳定。然而，受房地产市场疲软的拖累，住宅建设有所减少。

Private investment in Thailand fell by 1% month-on-month in March 2025, easing from a 1.9% drop in the previous month. Still, this marked the second consecutive month of declining private investment, mainly due to reduced investment in machinery and equipment, as reflected in lower net imports of capital goods, although domestic machinery sales remained stable. Moreover, vehicle investment dropped, as indicated by a fall in passenger car and pickup truck registrations. Meanwhile, construction investment was stable, supported by an increase in non-residential construction area permits. However, residential construction decreased, weighed down by the subdued real estate market.

继上个月修正后的5.8%增长后，泰国零售额在2025年2月同比激增24.9%。这标志着自2024年8月以来最强劲的增长，主要得益于其他商品销售额的增长（67.6%对1月份的7.9%）。相比之下，非耐用品（3.2%对6.6%）、耐用品（0.5%对1.8%）以及百货商店、超市和杂货店（19.6%对25.2%）的销售增长放缓。此外，机动车和汽车燃料的销量进一步下降（-3.2%对-1.5%）。按月计算，2月份零售额增长了9.3%，从1月份修正后的5.2%的跌幅大幅反弹。

Retail sales in Thailand surged by 24.9% year-on-year in February 2025, following a revised 5.8% rise in the previous month. This marked the strongest growth since August 2024, mainly driven by higher sales for other goods (67.6% vs 7.9% in January). In contrast, sales growth slowed for non-durable goods (3.2% vs 6.6%), durable goods (0.5% vs 1.8%), and department stores, supermarkets, and general stores (19.6% vs 25.2%). Additionally, sales of motor vehicles and automotive fuel dropped further (-3.2% vs -1.5%). On a monthly basis, retail sales increased by 9.3% in February, rebounding sharply from a revised 5.2% decline in January.

继2月份增长0.9%之后，泰国个人消费在2025年3月环比下降0.5%。这是自去年11月以来的首次下降。收缩主要是由于旅游业放缓，服务支出减少，特别是酒店和餐馆。非耐用品和耐用品的消费也有所下降，尤其是乘用车。由于纺织品和服装进口减少以及销售疲软，半耐用品消费也有所下降。与此同时，由于对美国贸易政策、地缘政治紧张局势和生活成本上升的担忧，消费者信心减弱。

Personal consumption in Thailand fell by 0.5% month-over-month in March 2025, following a 0.9% increase in February. This marked the first decline since November of the previous year. The contraction was mainly driven by reduced spending on services, particularly in hotels and restaurants, amid a slowdown in the tourism sector. Consumption of both nondurable and durable goods also declined, especially in passenger cars. Semi-durable goods consumption fell as well, due to lower textile and apparel imports and weaker sales. Meanwhile, consumer confidence weakened amid concerns over US trade policies, geopolitical tensions, and rising living costs.