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ASEAN Manufacturing Sector Rebounds as COVID-19 Restrictions Ease

Wahyu Dwi Anggoro - 02 November 2021 12:04 WIB
ASEAN Manufacturing Sector Rebounds as COVID-19 Restrictions Ease
Improved operation conditions were recorded in all but one of the seven constituent ASEAN nations.
Jakarta: The ASEAN manufacturing sector rebounded in October 2021, according to the latest IHS Markit Purchasing Managers’ Index (PMI™) data, as the easing of COVID-19 measures resulted in record rates of expansion in both factory production and new orders. 

The headline PMI rose from 50.0 in September to 53.6 in October, signalling the first improvement in ASEAN manufacturing conditions since May, and one that was the quickest since data collection began in July 2012.
"The easing of COVID-19 measures across the region saw the ASEAN manufacturing sector rebound during October. The PMI hit an all-time high of 53.6 and signalled a sharp improvement in operating conditions, aided by record rates of expansion in both output and new orders," said IHS Markit economist Lewis Cooper in a press release on Tuesday.

Improved operation conditions were recorded in all but one of the seven constituent ASEAN nations during October. 

Indonesia topped the rankings, with the headline PMI (57.2) the highest on
record and indicative of a rapid improvement in the health of the sector, amid looser lockdown measures.

This was followed by Singapore, where the headline index (54.5) remained firmly in expansion territory for the second month in a row and signalled a sharp uplift in manufacturing conditions.

Elsewhere, Malaysia registered a return to growth, with the PMI posting above the neutral 50.0 level for the first time since May. At 52.2, the latest reading was indicative of the secondfastest improvement in the health of the sector since April 2014.

Vietnam too saw its first expansion since May, with the headline index (52.1) signalling a modest improvement in conditions.

At the same time, both the Philippines and Thailand recorded marginal improvements in the health of their goods producing sectors, with the PMI posting 51.0 and 50.9, respectively.

Finally, Myanmar was the only ASEAN nation to record a deterioration in operating conditions during October. At 43.3, the headline index was indicative of the slowest decline since January, but one that was sharp nonetheless.

(WAH)

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