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ASEAN Manufacturing Sector Records Modest Expansion in May

Wahyu Dwi Anggoro - 02 June 2022 10:35 WIB
ASEAN Manufacturing Sector Records Modest Expansion in May
Business conditions across the ASEAN manufacturing sector improved at a softer rate in May. (Photo: medcom.id)
Jakarta: May data signalled another modest expansion across the ASEAN manufacturing sector according to the latest S&P Global Purchasing Manager’s IndexTM (PMITM). 

The headline PMI registered at 52.3 in May, marginally down from 52.8 in April. 
Although indicating a loss in growth momentum, the latest reading extended the run of expansion to eight successive months.

"Business conditions across the ASEAN manufacturing sector improved at a softer rate in May. Anecdotal evidence suggested weaker demand resulted in a slower expansion in new orders and output. However, expansions have been seen in each of the last eight months," Maryam Baluch, Economist at S&P Global Market Intelligence, said in a press release on Thursday.

"Supply chain and inflationary pressures continued to intensify during May, which weighed slightly on growth. Geopolitical tensions, lockdowns in China and ongoing transportation bottlenecks further exacerbated supply issues. As a result, business sentiment eased to a three-monthlow, also reflective of the recent slowdown. However, ASEAN manufacturers remained confident with firms hopeful that strong demand would support output growth in the next 12 months," Baluch explained.

Singapore was one of the four nations where the pace of increase slowed. However, leading the ranking table at 57.3, the rate of expansion was marked, with growth now seen in each of the last nine months.

Of the seven constituents, only Vietnam noted a quicker uplift in May. At 54.7, the rate of expansion was the strongest for four months. Meanwhile, manufacturing firms in the Philippines (54.1) recorded a slightly softer uplift than that seen in April. Nevertheless, the pace of increase was the secondfastest since November 2018.

The headline PMI reading for Thailand remained at 51.9 in May. While the overall expansion was mild, it was among the strongest in the series history. Indonesia and Malaysia also saw the rates of increase soften in the latest survey period, recording 50.8 and 50.1, respectively. Operating conditions acros Malaysia broadly stagnated, however. 

After expanding for the first time in 20 months during April, Myanmar’s manufacturing sector fell back into contraction territory. However, the rate of decline (49.9) was only fractional. 

(WAH)

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