Xinhua, Kuala Lumpur :
Malaysia’s manufacturing conditions contracted for the fourth straight month to hit an 11-month low in May, albeit ASEAN manufacturing growth gains pace in the month.
According to IHS Markit which compiled the data Monday, the headline Purchasing Managers’ Index (PMI) for ASEAN rose from 51.0 in April to 51.5 in May, with six of the seven countries covered by the survey indicating an improvement in manufacturing conditions.
The six countries are Vietnam, the Philippines, Singapore, Myanmar, Indonesia and Thailand.
Malaysia was the only country signaling a decline in the health of its manufacturing sector, with its PMI falling from 48.6 in April to 47.6 in May, the steepest deterioration since June last year.
“A fall in new orders was a key factor contributing to the downward movement in the headline index. Moreover, the rate of contraction was the strongest in nearly one-and-a-half years. Lackluster demand was cited by panelists as the main reason behind lower new business,” said IHS.
Meanwhile, new export orders fell for the fourth successive month in May, with the rate of decline moderated to the weakest in three months. Commenting on the Malaysian Manufacturing PMI survey data, IHS Markit’s economist Aashna Dodhia said, the PMI data suggested that weak demand emanated from both the domestic and foreign markets.
“A key PMI finding was that the manufacturers retained strong projections for output in the next 12 months, rooted in hopes that the new government will spur business activity in the year head,” Dodhia added.
Malaysia’s manufacturing conditions contracted for the fourth straight month to hit an 11-month low in May, albeit ASEAN manufacturing growth gains pace in the month.
According to IHS Markit which compiled the data Monday, the headline Purchasing Managers’ Index (PMI) for ASEAN rose from 51.0 in April to 51.5 in May, with six of the seven countries covered by the survey indicating an improvement in manufacturing conditions.
The six countries are Vietnam, the Philippines, Singapore, Myanmar, Indonesia and Thailand.
Malaysia was the only country signaling a decline in the health of its manufacturing sector, with its PMI falling from 48.6 in April to 47.6 in May, the steepest deterioration since June last year.
“A fall in new orders was a key factor contributing to the downward movement in the headline index. Moreover, the rate of contraction was the strongest in nearly one-and-a-half years. Lackluster demand was cited by panelists as the main reason behind lower new business,” said IHS.
Meanwhile, new export orders fell for the fourth successive month in May, with the rate of decline moderated to the weakest in three months. Commenting on the Malaysian Manufacturing PMI survey data, IHS Markit’s economist Aashna Dodhia said, the PMI data suggested that weak demand emanated from both the domestic and foreign markets.
“A key PMI finding was that the manufacturers retained strong projections for output in the next 12 months, rooted in hopes that the new government will spur business activity in the year head,” Dodhia added.
