Manufacturing Conditions Across ASEAN Improve in September 2022

Jakarta: Manufacturing conditions across the ASEAN region improved at the quickest pace for nearly a year in September, according to latest S&P Global PMI data. 
 
The headline PMI rose from 52.3 in August to 53.5 in September, to signal an improvement in the health of the ASEAN manufacturing sector for the twelfth successive month. 
 
Furthermore, the rate of expansion was the quickest seen since October 2021 and solid overall.

Companies signalled steeper increases in output, new orders, purchasing activity and
employment, while business confidence remained historically strong.
 
"Business conditions across the ASEAN manufacturing sector improved at the quickest rate for nearly a year in September, supported by sharper increases in new orders and output. This translated into unprecedented increases in employment and purchasing activity as firms’ felt bullish towards the outlook," Annabel Fiddes, Economics Associate Director at S&P Global Market Intelligence said in a press release on Monday.
 
"Encouragingly, inflationary pressures appeared to soften slightly at the end of September, with manufacturers’ expenses rising at the joint-slowest rate for a year and factory gate charges increasing at the softest pace since February," Fiddes added.
 
Five of the seven constituent ASEAN nations recorded improvements in the health of their
respective manufacturing sectors in September. 
 
As has been the case in each of the past ten months, Singapore registered the strongest improvement in operating conditions overall (PMI at 58.5), and one that was quicker than seen in August. 
 
Thailand’s manufacturing PMI meanwhile hit its highest since data collection began in December 2015 (55.7), and Indonesia registered the strongest improvement in
the health of its manufacturing sector for eight months (53.7).
 
In the Philippines, the headline PMI strengthened to a three-month high (52.9) and pointed to a solid rate of growth. In Vietnam, manufacturing conditions improved at a modest pace that was similar to that seen in August (52.5).
 
Myanmar and Malaysia bucked the overall trend, and recorded deteriorations in manufacturing
conditions during September. In Myanmar, the headline PMI dropped to a 12-month low and was consistent with a sharp decline in the health of the goods producing sector (43.1). While the rate of contraction in Malaysia was only slight, it marked the first deterioration in conditions since March (49.1).
 
"However, signs of slower global economic growth, tightening financial conditions and strong inflation rates worldwide could weigh on prospects in the coming months. Notably, the new export orders sub-index for the ASEAN manufacturing sector remained in negative territory during September," Fiddes stated.
 
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