ASEAN manufacturing sector loses growth momentum in MayStaff Writer | June 5, 2017
ASEAN’s manufacturing economy showed signs of a growth slowdown in May after starting the second quarter on a firm footing, reflecting weaker increases in both output and new business.
Asia Nikkei ASEAN Manufacturing PMI
Notably, the rate of improvement was the slowest recorded for three months.
Though a slim majority of surveyed nations reported an improvement in business conditions in May, latest PMI data indicated that only four of the seven countries covered by the survey saw growth across their manufacturing sectors, down from six in April.
The Philippines overtook Vietnam to be the strongest performer, and was the only nation to see operating conditions improve at a quicker pace.
Vietnam fell to third place as the expansion of its manufacturing sector decelerated sharply since the previous month.
As a result, Myanmar moved up to second place despite recording a slower pace of improvement compared to April.
Indonesian factories registered a slower rate of improvement compared to the previous month.
Thailand’s manufacturing sector meanwhile signalled another slight deterioration.
Both Malaysia and Singapore indicated a return to deteriorating business conditions after showing marginal improvements in April.
While growth in total new business eased to its weakest for three months, the upturn in foreign demand was sustained in May.
That said, new export sales increased at a similarly marginal pace to that seen in April. ■