Manufacturing Conditions across ASEAN Stabilise in September: IHS Markit

    Wahyu Dwi Anggoro - 01 October 2021 11:52 WIB
    Manufacturing Conditions across ASEAN Stabilise in September: IHS Markit
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    Jakarta: Manufacturing conditions across the ASEAN region stabilised during the closing month of the third quarter, according to the latest IHS Markit Purchasing Managers’ Index (PMI™) data.

    Following marked decreases in August, both output and new orders declined at noticeably slower rates, with the latter broadly stable in September as the respective seasonally adjusted index posted only just below the neutral 50.0 level.


    The headline PMI registered on the 50.0 mark that separates expansion from contraction during September, rising from August's 14-month low of 44.5. 

    This signalled no-change in manufacturing conditions on the month, thereby ending a three-month sequence of deterioration. 

    The average reading over the third quarter, at 46.3, was the lowest since the second quarter of 2020 and second-lowest on record, however.

    "Overall, the sector remains on an uneven footing in September. Inflationary pressures add to downside risks, with the latest data highlighting the steepest increase in cost burdens for nearly eight years. COVID-19 restrictions and rising cases in parts of the region continue to adversely impact goods producers, and until this subsides, it's unlikely we will see a meaningful return to growth for the manufacturing sector," IHS Markit Economist Lewis Cooper said in a press release on Friday.

    Three of the seven constituent ASEAN nations recorded improvements in the health of their respective manufacturing sectors during September. 

    The strongest upturn was seen in Singapore, where the headline PMI rebounded from 44.3 in August to 53.4 in September, signalling a solid rate of expansion.

    This was followed closely by Indonesia, which registered the first improvement in the health of the goods producing sector since June. The headline index (52.2) was indicative of a moderate improvement in conditions overall.

    The only other constituent nation to see the health of its manufacturing sector improve was the Philippines. Here, the PMI (50.9) returned to expansionary territory following a solid contraction in August, with the rate of growth the fastest since March, but only marginal overall.

    Elsewhere, Thailand registered a further deterioration in manufacturing conditions in September, as client demand remained weak, despite an upturn in output amid the slightly improved pandemic situation. That said, the headline index (48.9) pointed to the slowest rate of contraction for three

    Similarly, in Malaysia, the rate of contraction eased to the slowest in the current four-month sequence of deterioration (PMI: 48.1) during the closing month of the quarter.

    Elsewhere, Myanmar too saw a slower rate of decline during September, although at 41.1, the PMI was still indicative of a rapid deterioration in manufacturing conditions.

    Finally, a fourth successive monthly contraction was recorded in Vietnam during September, as the sector continued to be impacted by the current wave of the COVID-19 pandemic and subsequent containment measures. The PMI was unchanged from August's reading of 40.2, and signalled the joint-secondquickest deterioration in the health of the sector since the survey began in March 2011.


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