ASEAN Manufacturing Sector Continues on Its Recovery Path

Jakarta: The ASEAN manufacturing sector continued on its recovery path  during May, according to latest IHS Markit Purchasing Managers’ Index (PMI™) data. 
 
The headline PMI registered 51.8 in May, down only slightly from 51.9 in April, to signal a third straight monthly improvement in  ASEAN manufacturing conditions and one that was the second strongest since July 2014.
 
"The ASEAN manufacturing sector continued to recover during May, with sustained upturns in both output and new  work. The rates of growth cooled slightly on the month, but  were still strong overall," said IHS Market Economist Lewis Cooper in a press release issued on Wednesday.

"Supply chains remained under severe pressure, however, with delays the most widespread for a year, while input prices again rose at the most marked rate since November 2013," Cooper added.
 
At the national level, growth was led by Indonesia in May. The  headline PMI hit a series record high of 55.3 and pointed to a  sharp improvement in conditions. Sustained growth was also 
recorded in Vietnam, although the headline figure slipped slightly from April's near two-and-a-half-year high. Nonetheless,  at 53.1, the PMI was indicative of solid growth.
 
Singapore meanwhile saw a return to growth, following a  slight decline during April. The headline index (51.7) was the  highest for three months and signalled a mild improvement in 
manufacturing conditions overall. The only other constituent  nation to see growth in May was Malaysia. Here, the headline  index remained above 50.0 for the second month running, 
although the rate of growth eased noticeably on the month (PMI  at 51.3). 
 
Elsewhere, manufacturing conditions were broadly stable in the  Philippines following a contraction in April, with the headline  PMI registering only just below the 50.0 mark at 49.9.
Thailand meanwhile saw a renewed deterioration during May,  with the headline figure falling to a three-month low of 47.8.
 
Finally, the downturn in Myanmar continued midway through  the second quarter. The rate of contraction slowed for the  second month in a row, but remained severe overall (PMI at  39.7).
 
"At the national level, May data pointed to an uneven  picture, with a record expansion in Indonesia contrasting  with a severe downturn in Myanmar, although four out of  the seven nations saw growth during May," he stated.
 
"Overall, May data pointed to another decent performance  for the ASEAN manufacturing sector, with sustained growth  helping to regain the ground lost due to the pandemic," he concluded.
 
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