ASEAN Manufacturing Sector Remains in Expansion Territory: IHS Markit

Jakarta: Following a return to growth in October 2021, the ASEAN manufacturing sector remained in expansion territory during November 2021, according to the latest IHS Markit Purchasing Managers’ Index (PMI™) data. 
 
The headline PMI posted above the 50.0 mark for the second month running in November. 
 
The latest reading was down from October's survey high of 53.6, to 52.3 in November, but was nonetheless indicative of one of the quickest improvements in ASEAN manufacturing conditions on record.

"The PMI remained above the 50.0 mark to signal another improvement in
manufacturing conditions, buoyed by further increase in factory production, with the rate of output growth easing only slightly from October's survey record. Demand conditions also strengthened in November, reflected in a back-to-back uplift in new orders. The rate of expansion in new work did ease noticeably on the month, however, in part due to a further decline in export order book volumes," IHS Economist Lewis Cooper said in a press release on Wednesday.
 
Growth was again broad-based across the seven constituent ASEAN nations, with the exception of Myanmar. 
 
Indonesia recorded the fastest rate of expansion, with the PMI (53.9) signalling a sharp improvement in manufacturing conditions. 
 
A near record expansion was also recorded in Malaysia, with the headline index ticking up to the fifth highest on record at 52.3, and indicative of a solid upturn overall.
 
Elsewhere, stronger rates of growth were registered in both Vietnam and the Philippines during November. In the former, the PMI hit a six-month high of 52.2, while the headline index for the Philippines (51.7) was the highest since March and signalled a moderate improvement in operating conditions.
 
At the same time, Singapore recorded a sustained improvement in the health of its manufacturing sector midway through the fourth quarter. The PMI (52.2) dipped to a three-month low, but nonetheless pointed to a moderate rate of expansion overall.
 
Thailand too remained on a growth footing during November, although the headline index fell to 50.6 to signal only a marginal upturn in the health of the sector.
 
Finally, Myanmar continued to buck the trend during November. The PMI remained below the neutral 50.0 level to signal a deterioration in conditions for the fifteenth month running, but rose to its highest level since January. At 46.7,the latest figure signalled only a moderate pace of decline.
 
"Overall, the latest data provide some promising signs, with the ASEAN manufacturing sector continuing to recover, and rates of growth in output and new work sticking close to their recent peaks," he stated.

 
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