ASEAN Manufacturing Sector Continues to Expand

Jakarta: The S&P Global ASEAN Manufacturing PMI™ posted at 52.3 in August 2022, up from 52.2 in July 2022, marking eleven months of expansion.
 
"August data signalled yet another modest expansion across the ASEAN manufacturing sector. Data suggested that higher production volumes and intakes of new orders resulted in firms raising employment and inventories. We also saw supply-side and inflationary pressures ease during the latest survey period. Lead times lengthened at the slowest pace in 23 months, while input price inflation eased to the weakest in six months. Firms will hope these trends continue," Maryam Baluch, Economist at S&P Global Market Intelligence said in a press release on Monday.
 
Six of the seven constituents recorded improvements in operating conditions in August with Singapore registering the quickest upturn, and for the ninth
month running. That said, the rate of increase (56.8) softened from the survey high observed in July, to the weakest since March.

Thai manufacturers posted the second-fastest increase. Moreover, adjusted for seasonality, the headline figure (53.7) hit a record high during August.
 
Mild growth was noted at Indonesian manufacturers, thereby extending the current run of increase to 11 months. At 51.7, the rate of increase was the quickest in four months. 
 
Similarly, at 51.2, the Philippines also reported an improvement in business conditions. 
 
Vietnam also noted a quicker improvement in business conditions during the latest survey period, thereby extending the current run of expansion to 11 months. 
 
While the headline PMI figure posted above the neutral 50.0 threshold for the fifth month running at Malaysian manufacturers (50.3), the pace of increase softened from July and signalled only a marginal improvement in operating conditions.
 
Myanmar, the only country that saw manufacturing conditions worsen in August, registered a fourth successive monthly deterioration. The headline index (46.5) remained unchanged from the preceding survey period and indicated a solid contraction. 
 
"Overall, client appetite across ASEAN nations remained strong. However, interest rate hikes following persistently high inflation will likely challenge and curtail demand in the coming months," Baluch stated.
 
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