Manufacturing activity in Thailand rebounded in May, after production expanded at the fastest pace in nine months, S&P Global said in a report on Wednesday.

The seasonally adjusted S&P Thailand Manufacturing PMI rose to 51.2 in May, up from 49.5 in the month prior, rising above the 50-mark that separates growth from contraction.

A pickup in new business, due to renewed growth in export orders, led to a solid increase in production. As a result, Thai manufacturers boosted employment and inventories in May, S&P said.

On the price front, average input costs declined for the fourth month running. The drop, although slight, was the sharpest rate of decline in eight months.

Looking ahead, Thai manufacturers remained positive that production will rise in the next 12 months, the report said.