Everything is fine : industrial output cut by 50 %

Local manufacturers have gradually reduced production, which dropped almost 50 per cent in the first two months before exports began collapsing last year.

The Industrial Economics Office yesterday said the Kingdom’s Manufacturing Index contracted 23.07 per cent last month on top of 25.6 per cent in January. As a result, capacity use among manufacturers had now been cut almost in half on average.

The global financial crisis has directly affected both exports and manufacturing. Domestic consumption has also fallen, due to the effects of the global crisis.

The auto industry is one of the hardest hit by the economic crisis.

Its production contracted 50.64 per cent last month, against 35.59 per cent in January. (Nation)

I will not comment. My readers know very well the situation. And how bad it is.

I will just copy-paste various other comments…

BOT : Thai economy resilient

“All countries have encountered the world crisis, but we have good things to help boost the economy,” senior director Amara Sriphayak said after meeting with an IMF delegation on its annual visit. (Nation, 24 march)

Bank of Thailand (BoT) deputy governor Atchana Waiquamdee on Wednesday voiced confidence that the country’s economy this year would not experience negative growth, despite the world economic situation, saying the central bank began to witness signs of recovery in the first quarter. ( 14 january)

“I am not going to boast by committing how much the economy will grow, but I can assure you that the government is committing to to spur economy and to lift the quality of life of all the Thais,” he said [Prime Minister Abhisit]. (Bangkok Post)

Let me have a thought for… the suckers. And the clowns. 😉

It’s a real pleasure to witness to their demise.

[PS : today is “data day” ! The Bank Of Thailand updates all its stats (for the month of february. So I will start tomorrow to update my various charts. I can already tell you that the exports results for february are a joke… Like I wrote 1 week ago

The “better than expected” results were caused only… by an explosion of “Pearl, Precious Stone and Jewelry”… with a total amount of 2,15 billions USD… against 1,02 billion in january… and 427 millions in february 2008… So it’s a +109 % increase m-o-m- and +403 % y-o-y ! What happened ? Thais are selling their gold abroad…

What else ? Private Consumption Index crashes. Private Investments Index crashes… February was a nightmare. March can’t be really… better, despite the wishfull thinking of Abhisit, the Bank Of Thailand and all the other clowns.]

10 Responses to “Everything is fine : industrial output cut by 50 %”

  1. 1 tom_bkk 31 March 2009 at 3:25 am

    The BoT changed something on their web – it was even offline during this weekend …

  2. 2 ThaiCrisis 31 March 2009 at 4:02 am

    What do you mean ?

  3. 3 Jaded 31 March 2009 at 4:41 am

    I have noticed some interesting changes on my recent visit to the Pattaya/Rayong area. Normally the place is blanketed by a haze that makes it impossible to see stars at night or offshore islands during the day. Its ancient teak forest burning season now so its even more surprising to be able to say that lately, both visibility and air quality seem to have improved. Less production = less pollution?

  4. 4 kahunablogger 31 March 2009 at 6:25 am

    Why do I feel the sudden urge to run against a wall while reading this kind of crap from the BoT??? “began to witness signs of recovery”, thats just ridiculous! MAYBE in 2010 or 2011, but not this year. It will have to get a lot worse before any kind of recovery will eventually “somehow/hopefully” kick in.

    @ThaiCrisis: Thanks for your work here! I really enjoy reading your posts. It’s way more entertaining than a normal comedy show (if only it weren’t for real…)!

  5. 5 Lothar 31 March 2009 at 9:28 am

    And it is sinking.
    Japan still hasn’t seen the bottom.


    Industrial production in Februar is down again -10% compared to January.

    I only have to look at my home and i see the real problem: I don’t need new electronic gadgets and no one in my family needs a new car.

    We have a total over production and the poor who got poorer the last decade do not have any money.

    System failure.
    Please insert your new boot system and press any key to restart.

  6. 6 ThaiCrisis 31 March 2009 at 9:43 am

    “System failure” and “reboot system” are 2 expressions… appropriate.

    We could add “blue screen”. 😉

    That’s the key : many people don’t understand that the current “crisis” is different than the previous ones.

    It’s not “a” crisis. But rather “the” crisis.

  7. 7 Lothar 31 March 2009 at 11:08 am

    Luckily we haven’t seen any “blue screen of death” yet.

    But it really scares me that this economic collapse is the drop that makes the barrel overflow and will give us many colorful screens of death in thailand pretty soon.

    My (burmese) girl friend told me after the 2006 coup that she’s very scared that Thailand turns into a second Burma. I laughed at her – now i think this was a huge mistake.

  8. 8 prokester 31 March 2009 at 8:09 pm

    The Thais have a Khmer Rouge gland. Not hard to set it off. Just try and call a ‘small’ poo-yai an idiot and see the reaction. It brings endless amusement to me to torment these kwais now and again.
    I remeber once calling the head of SETTRADE an idiot to its face. The reaction was so precious I nearly died laughing.
    So there is a sorded but simple way to get ones own back.

    SO why expect anything other than crap from them now? They need to be put down when ever thereis opportunity. TC is doing a fine job, but we should all chip in and poo-yai bash as much as possible….to the face…on the web….just dont day mai-pen-rai-fuckuit…. passive or not… resistance is a must.

  9. 9 ThaiCrisis 31 March 2009 at 9:16 pm

    “Resistance is a must”.

    I like that.

    Yes indeed. Resistance is a must. A condition. And it starts inside the mind

  10. 10 George P Tuckeer 1 April 2009 at 2:11 am

    “Resistance is a must”.

    I like it too.

    “Since wars begin in the minds of men, it is in the minds of men that the defenses for peace must be built”. – I think it was Churchill who said that.

    Equally, since apathy begins in the minds of men, it is in the minds of men that the barricades of resistance must be built.

    Keep up the great work, TC. I’m enjoying this blog and it’s community more and more.

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Thailand Crisis

Coup, Economic slowdown, Terror In the South... The situation is worsening in Thailand. Bumpy road like often before.

But this time, it's different.

The key to understand the present turmoil is the inevitable... succession of King Bhumibol.

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