ASEAN Manufacturing Sector Improves Strongly in February: IHS Markit

Jakarta: ASEAN manufacturers registered a further solid improvement in business conditions during February, according to the latest IHS Markit Purchasing Managers’ Index (PMI™) data. 
 
At 52.5 in February, the headline PMI pointed to a fifth successive monthly improvement in the health of the ASEAN manufacturing sector and one that was solid overall. 
 
Moreover, the latest figure was little-changed from January's reading of 52.7 and remained among the highest on record.

"Less positive news came from the survey's price indicators, which signalled a further steep increase in costs facing ASEAN goods producers in February. As a result, firms again raised their selling prices, with the rate of inflation the steepest on record. Overall, manufacturers remain upbeat towards the outlook for output over the coming year, although sentiment moderated to a six-month low in February and was weak in the context of historical data, as concerns around cost pressures and supply issues, as well as the Omicron variant dented confidence," IHS markit Economist Lewis Cooper said in a press release on Tuesday.
 
Manufacturing conditions improved in six of the seven constituent ASEAN nations in February. 
 
For the third month running, Singapore registered the highest headline figure, which at 58.3 in February, signalled the quickest upturn in the health of the manufacturing sector on record. Second in the rankings was Vietnam, where business conditions improved at the fastest pace since last April and solidly (PMI at 54.3).
 
Elsewhere, the Philippines registered a return to expansion territory midway through the first quarter of 2022. The headline Index rose from 50.0 in January to 52.8 in February, indicative of a marginal improvement in the health of the sector. Growth also accelerated in Thailand, with the headline PMI hitting a fresh series high of 52.5 and signalling a strong overall upturn. Meanwhile, Malaysia too saw an accelerated pace of growth during February, although at 50.9, the headline figure pointed to only a mild improvement in conditions overall.
 
Indonesia was the only nation to record a slower pace of improvement in manufacturing conditions during February. That said, the PMI (51.2) remained above the neutral mark of 50.0 for the sixth month running and pointed to a marginal upturn.
 
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