ASEAN's Manufacturing Conditions Stabilise in November: IHS Markit

    Wahyu Dwi Anggoro - 01 December 2020 14:50 WIB
    ASEAN's Manufacturing Conditions Stabilise in November: IHS Markit
    Illustration (Photo:asean.org)
    Jakarta: ASEAN manufacturing conditions stabilised during November, ending an eight-month long downturn, according to latest IHS Markit Purchasing Managers’ Index (PMI™) data. 

    The headline PMI rose from 48.6 in October to the neutral level of 50.0 in November, to signal a stabilisation in the health of the ASEAN manufacturing sector, thereby ending an eight-month period of decline that began in March.

    At the national level, three of the seven constituent countries registered an improvement in conditions during November. 

    The strongest upturn was in Singapore, where the headline PMI (51.7) posted above the 50.0 threshold for the second month running. 

    A back-to-back monthly improvement was also registered in Thailand, although the headline figure (50.4) was
    indicative of only a fractional expansion. 
     
    At 50.6, Indonesia was the only other country to record growth in November, the first improvement in manufacturing
    conditions for three months.

    "With cases rising across the globe, and some ASEAN constituent countries enforcing tougher lockdowns, we may well see conditions deteriorate again if client demand is stifled by measures and factories ease back on production," IHS Markit Economist Lewis Cooper said in a press release on Sunday.


    "Nonetheless, things are beginning to move in the right direction, with the latest data providing a tentative sign that the manufacturing sector may be turning towards a recovery. Heightened uncertainty continues to cloud the outlook, however, and nothing is certain," he added.

    Looking ahead, ASEAN goods producers remained optimistic with regards to output over the next year. 

    That said, the level of positive sentiment dipped slightly from October and was subdued in the context of historical data.

    (WAH)

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