2025年下半年泰国制造业房地产市场

Manufacturing An overview review of Manufacturing market in 2H 2025by Knight Frank Thailand 2H 2025 knightfrank.co.th/research In H2 2025, Thailand’s FDI maintained strongmomentum, with total approved investment reachingTHB 1.14 trillion across 2,259 projects. Demand forserviced industrial land plots (SILP) hit a record high,pushing full-year sales to 12,955 rai. Despite limited new supply (+0.8% HoH), the highabsorption rate lifted the average asking price by 5.0%to THB 6.65 million per rai. The ready-built factory(RBF) market also tightened significantly,with occupancy rising to 98.4%. Going forward, demand will remain robust but morespecialised, driven by supply chain relocation andgrowth in digital and electrical industries. Structuralfactors—particularly power capacity, infrastructurereadiness, and trade policy stability—will become morecritical for investors than cyclical economic concerns. Mr. Marcus BurtenshawPartner, Head of IndustrialStrategy & SolutionsKnight Frank Thailand Market Overview Thailand’s economy experienceda notable deceleration in the thirdquarter of 2025, with real GDPexpanding by 1.2% year-on-year(YoY), down from 2.8% in the previousquarter. This slowdown reflectssoftening domestic momentum,although the economy continued toreceive support from external demandand a sustained trade surplus. Goods exports remained the primarygrowth engine, rising by 11.5% YoY toUSD 86.2 billion, with a total value ofTHB 2,783,300 million. Growth wasprimarily led by high-technologymanufacturing, including computersand electronic components (+125.0%),telecommunication equipment(+55.2%), and integrated circuits(+31.7%). Despite following theimplementation of U.S. reciprocaltariffs, the overall pace of expansionhas begun to moderate, as firmsadjust production and sourcingstrategies across key sectors. inventories, which fell by THB 136,371million. The correlation betweenthis machinery investment and thesignificant stock drawdown suggeststhat while businesses are currentlydrawing down existing inventories,they are simultaneously upscalingproduction capacity in anticipationof a new manufacturing cycle. In contrast, public investmentcontracted by 5.3%, and privateconsumption momentum remainedsubdued, despite a 2.6% YoY increasefor the two consecutive quarters,with its total value declining toTHB 2,806,651 million as householdcaution and declining consumerconfidence continue to weigh ondomestic growth. The domestic industrial landscapeshowed a clear divergence betweeninvestment and consumption. Whileprivate investment expanded by4.2%, supported by machinery andequipment, particularly industrialmachinery and vehicles. The overalleconomy also saw a sharp depletion in Thailand’s export sector currentlycontributes around 10% of nationalGDP through the U.S. market,supported by a strong tariff advantageover regional competitors. Thispreferential positioning has allowedThailand to capture a growing shareof U.S. imports across several keyproduct categories. In telecommunications equipment(HS 85176200), Thailand’sperformance stands out clearly.Although Vietnam is also classifiedwithin the ‘Green Zone,’ Thailand’sshare of U.S. imports surged from4.1% to 11.9% over the trade wartransition period. This represents amuch larger increase than Vietnam’sonly 6 percentage-point gain over thesame period, reinforcing Thailand’sposition as the primary high-growthalternative for U.S. technology firmsseeking to diversify away from Chinain network-related equipment. A similar pattern is observed inthe computer components sector(HS 84717040). U.S. imports fromThailand have demonstratedconsistent resilience throughoutTrade War 2.0, in contrast to thecontinued decline in imports fromChina. This highlights Thailand’sincreasing importance as a stableand reliable supplier within globaltechnology supply chains. In the transformer and powerequipment segment (HS 85044095),the reallocation of U.S. sourcingis also evident. The U.S. hassignificantly reduced its importsfrom China while simultaneouslyincreasing imports from Thailand by3.7% during Trade War 2.0, furtherunderscoring Thailand’s role as abeneficiary of shifting trade andindustrial policies. (HS 85044095). These product-specific tariff gaps further strengthenThailand’s competitiveness in theU.S. market and create incrementalcost incentives for U.S. to source fromThailand rather than Vietnam. MPI fell to 95.4, a 0.5% year-on-yeardecline. Beyond volume shifts, Thailandalso benefits from specific tariffadvantages that Vietnam doesnot enjoy in several high-valuetechnology and electronicssubcategories. These include digitalstill image and video cameras (HS85258940), unassembled computercomponents (HS 84717040), andother power and electrical equipment In the third quarter, sectoralperformance diverged markedly.The steel industry emerged as thestrongest performer, with MPI growthof 13.9%, driven primarily by a sharpincrease in hot-rolled steel output(+42.1%) and deforme