KUALA LUMPUR – London-based information provider IHS Markit’s purchasing managers’ index (PMI) data showed that the Asean manufacturing sector returned to growth in the closing month of the first quarter.
IHS Markit said the headline PMI rose from 49.7 in February and back above the neutral 50.0 mark to 50.8 in March, signalling a renewed improvement in Asean manufacturing conditions albeit only a slight one.
“Expansions were seen in four countries in March, with the strongest upturn seen in Vietnam where the headline figure (53.6) pointed to a fourth straight monthly improvement in the health of the sector, the quickest since December 2018,” it said in a statement today.
It said sustained growth was registered in Indonesia and the Philippines, while Singapore was the only Asean nation to register an improvement in manufacturing condition in March.
Meanwhile, it said the health of Malaysians goods-producing sector was largely stable in March as the headline index registered just below the neutral 50.0 mark at 49.9, up from 47.7 in February this year.
Economist Lewis Cooper said the Asean manufacturing sector saw a fresh improvement at the close of the first quarter with growth driven by renewed increase in both output and inflows of new work following slight falls in February.
At the national level, he said performances remained uneven with just four of the seven constituent countries registering growth in March.
“Downturns eased in Malaysia and Thailand but political turmoil led to a new record rate of contraction in Myanmar.
“Overall, the short-term outlook for the sector remains uncertain. Although now in a better position to continue recovery from the pandemic, we are yet to see signs of a solid, sustained rebound,” he added. – Bernama, April 5, 2021
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