The S&P Global Thailand Manufacturing PMI rose to 51.9 in July 2025 from 51.7 in June. This marked the third consecutive month of expansion and the sharpest improvement in operating conditions in nearly a year. This reflected growing momentum in production activity and business conditions. New orders grew at the fastest pace so far this year, supported by rising client interest and stronger export demand. In response, manufacturers ramped up production and purchasing activity, leading to higher input inventories. Employment levels also picked up after stalling in June, helping reduce backlogs. Meanwhile, output price inflation eased close to neutral as input costs fell slightly, thanks to supplier discounts and bulk buying. However, stocks of finished goods dipped again amid outbound shipments. Business confidence improved to an 11-month high, with firms optimistic about future output due to marketing efforts and expansion plans.