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According to the survey, ASEAN manufacturing output in May rose to record high in Indonesia, but with a sharp drop in Myanmar

ASEAN manufacturing output rose to a record high in Indonesia in May, with a sharp drop in Myanmar, according to the IHS Markit ASEAN PMI, released on June 2, 2021. Asean’s core PMI was recorded at 51.8 in May, down slightly from 51.9 in April, signaling the third consecutive month of growth in ASEAN production, the second-highest since July 2014. By country, the data shows uneven May data, and when Indonesia saw record growth, we saw a sharp decline in Burma. Four of the seven countries saw growth in May, said Lewis Cooper, an economist at IHS Markit. In May, Indonesia led the country-by-country growth in Asean. The PMI rose to a record 55.3, indicating gains, the survey said. Singapore has turned to growth after a slump in April. 

The PMI of 51.7 was the highest in three months, signaling a modest improvement in manufacturing conditions. Malaysia has been above the PMI for more than 50 consecutive months, but its monthly growth has slowed significantly. The Philippines’ manufacturing output was significantly stable after the April drop, with a PMI of 49.9, according to the survey. In Thailand, the situation eased in May and the PMI fell to a three-month low of 47.8. Finally, Myanmar’s manufacturing decline continued in the middle of the second quarter. The rate of decline has weakened for two consecutive months, but overall remains strong.

According to the IHS Markit Myanmar Manufacturing PMI, released on June 1, 2021, imports and commodity prices rose to record lows last May, making it difficult to complete orders, which could pose a threat to foreign direct investment, according to the IHS Markit Myanmar Manufacturing PMI, released on June 1, 2021. Asean’s overall manufacturing sector grew strongly in May. The latest development is said to have been a major contributor to both progress in production and new orders. Growth in new orders has slowed to an all-time high in eight years and remains strong, according to the survey. The study looked at seven countries including Singapore, Malaysia, Vietnam, Indonesia, Myanmar, and Philippines. The survey is based on data collected from industry by IHS Markit and sponsored by Japan-based Nikkei Media Group.

Source: Daily Eleven

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