> **来源：[研报客](https://pc.yanbaoke.cn)** ```markdown # Thailand Manufacturing Market Summary - 1H 2026 ## Core Content Overview Thailand's manufacturing sector in the first half of 2026 continued to demonstrate resilience and growth, driven by strong export performance and sustained demand for industrial space. The market is undergoing a structural shift from investment-led expansion to capacity-constrained growth, with a focus on high-technology and capital-intensive industries. ## Key Market Trends - **FDI Activity**: - 435 approved FDI projects in Q1 2026, down from 511 in Q1 2025. - Total investment value declined to THB 157.9 billion from THB 162.5 billion in Q1 2025. - Investment remained concentrated in electronics (THB 84.6 billion, 40% of total), followed by digital, automotive, logistics, and high-value services. - Singapore was the largest contributor to FDI, accounting for 57% of total investment value, driven by data centers and advanced electronics. - China and Japan also played significant roles, with investments in electronics components and PCB materials. - **Industrial Land Market**: - Serviced Industrial Land Plots (SILP) supply increased by 3.1% H-o-H to 191,292 rai. - Cumulative sales rate reached 93.6%, with average land prices rising 16.2% YoY to THB 7.43 million per rai. - The Eastern Economic Corridor (EEC) remained the dominant region, accounting for 64.6% of total SILP supply. - The Bangkok Metropolitan Region (BMR) and Central region also showed strong growth, while the Northeast, South, and West had lower take-up. - The EEC recorded the highest land price increase at 31.36% YoY, reaching THB 8.63 million per rai. - The BMR remained the most expensive area at THB 12.75 million per rai. - **Ready-Built Factory (RBF) Market**: - The RBF market remained exceptionally tight, with a national occupancy rate of 98.2%. - Average asking rents increased to THB 203.4 per sq m per month, up 1.5% YoY. - The EEC was the highest-priced RBF market at THB 217.3 per sq m, followed by the Central region at THB 194.5 per sq m. - Supply growth was minimal, with only Rayong adding 10,400 sq m of new space. ## Investment and Production Performance - **GDP Growth**: - Thailand's GDP growth accelerated to 2.8% YoY in Q1 2026, driven by private consumption, investment, and improved export performance. - **Private Investment**: - Private investment rose by 10.1% YoY, the strongest growth in 14 quarters, mainly in machinery and equipment. - **Export Growth**: - Exports expanded by 17.8% YoY to USD 95.1 billion, with electronics and electrical appliances leading the growth. - Section 122 tariff reductions significantly boosted exports, especially in technology-related sectors. - U.S. imports from Thailand surged by 41.8% YoY, with 61.2% of the value coming from tariff-exempt products. - **Manufacturing Production Index (MPI)**: - The MPI averaged 97.4 in Q1 2026, up from 95.7 in the previous year, indicating recovery in production activity. - Growth was broad-based across export-oriented, mixed-demand, and domestic-oriented industries. ## Industrial Activity and Development Trends - **Factory Operations**: - New factory registrations fell by 22% YoY to 232, while expansions rose by 25% YoY to 106. - Closures increased slightly to 156, but the sector still recorded a net gain of 76 factories. - There was a shift in focus from Bangkok to the EEC and Central region, with the EEC accounting for 32% of new factory operations in Q1 2026. - **Industrial Capacity**: - The market is increasingly defined by capacity availability rather than investment volume. - Developers are adopting more disciplined strategies, focusing on pre-leased and built-to-suit developments. - New supply growth is constrained by limited development-ready land, regulatory hurdles, and infrastructure delivery timelines. ## Market Outlook - **Structural Shift**: - The market is transitioning from investment-led to capacity-constrained growth. - Demand is becoming more focused on larger, more capital-intensive projects in high-technology and supply chain sectors. - Industrial locations are now competing based on operational certainty, infrastructure resilience, and ecosystem integration rather than cost alone. - **Future Challenges**: - The principal challenge for the sector will be the ability of industrial locations to expand capacity, secure utilities, and deliver infrastructure efficiently. - The EEC is expected to remain a key hub for high-tech manufacturing due to its strategic location, infrastructure, and policy support. - **Conclusion**: - Thailand's manufacturing and industrial property markets continue to show strong fundamentals, supported by sustained demand and increasing investment in technology and logistics. - While FDI and new factory registrations have moderated, the market is experiencing strong land price and rental growth, particularly in core industrial regions. - The focus is shifting toward scalable, high-capacity developments that align with global supply chain needs and long-term operational requirements. ```