ASEAN’s manufacturing sector continued to expand in November, after returning to growth in October, as both output and new orders increased further, the IHS Markit Purchasing Managers’ Index showed on 1 December.
In November, the growth rates in new orders and output in manufacturing stayed close to recent peaks, whereas companies across ASEAN cut jobs at the weakest rate for five months, the monthly IHS survey found.
The latest reading of the headline PMI of 52.3 in November was down from October’s survey high of 53.6, but was nonetheless indicative of one of the quickest improvements in ASEAN manufacturing conditions on record, IHS Markit noted.
As in October, manufacturing growth in November was broad-based across the region except for Myanmar.
Indonesia saw the fastest rate of manufacturing expansion in November, where the PMI of 53.9 signalled a sharp improvement in conditions, IHS Markit said. Malaysia also recorded a near record expansion, with signs of a solid upturn and the headline PMI at the fifth highest on record at 52.3. Vietnam and the Philippines posted strong growth rates, and Singapore saw a sustained improvement in its manufacturing sector midway through the fourth quarter.
“November data pointed to further improved trends across the ASEAN manufacturing sector,” Lewis Cooper, Economist at IHS Markit, said, commenting on the latest survey results.
“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,” Cooper added.