Thailand Office of Industrial Economics: Iran War Would Severely Impact Six Major Thai Industries

Golden Ten Data reported on March 21 that Thailand's Office of Industrial Economics (OIE) warned that if tensions in the Middle East push crude oil prices up to $100-105 per barrel, Thailand's industrial GDP could shrink by 10-12 billion baht, accounting for about 0.15% of industrial GDP. The industries expected to be most affected are energy-intensive sectors, including cement and concrete, glass and flat glass, ceramics and tiles, natural gas and oil, textiles and apparel, pulp and paper. In contrast, Thailand's major high-value industries, such as electronics, gems and jewelry, hard disk drives, electrical appliances, and automobile manufacturing, have lower energy intensity, so their overall impact is expected to be more limited.