Vietnam’s Loses Top Ranking to Philippines in October PMI Readings

Tuan Minh

10:14 06/11/2017

BizLIVE - With a big drop in the Manufacturing Purchasing Managers’ Index (PMI) reading in October, Vietnam lost the top position to the Philippines, according to a report by Nikkei and IHS Markit.

Vietnam’s Loses Top Ranking to Philippines in October PMI Readings

Vietnam lost its No. 1 ranking in ASEAN PMI in October. .

The Philippines’ PMI picked up to a four-month high of 53.7 during October while Vietnam slipped to second position as its rate of growth slowed to 51.6, the weakest since May. Vietnam and the Philippines have alternately occupied the top ranking since the start of this year.
Singapore and Myanmar returned to expansion, with the latter showing an improvement for the first time in five months.
Having seen growth in the previous two months, Indonesia’s manufacturing sector was broadly stagnant during October. Thailand slid into contraction territory, though the rate of decline was only marginal. Malaysia came in at the bottom of the PMI rankings, with business conditions deteriorating modestly overall.
The ASEAN PMI rose slightly to 50.4 in October from 50.3 in September, signaling another mild improvement in the health of the sector. Further expansions in output and new orders were key drivers of the latest upturn, says the report.
ASEAN manufacturers continued to enjoy steady expansion in new business during October, with total new order inflows up for a third consecutive month, supported by rising sales from abroad. In fact, new export orders rose at the joint-fastest pace since May 2013, reflecting strengthening global trade.
Improved client demand lifted production across the region. Notably, ASEAN manufacturing output expanded at the quickest rate for six months during October.
“The ASEAN manufacturing economy enjoyed a positive start to the fourth quarter, maintaining the steady momentum seen in recent months. Even business confidence across the region improved on September’s recent low,” said Bernard Aw, Principal Economist at IHS Markit, which compiles the survey.

 

TUAN MINH

Từ khóa: PMI, ASEAN, Vietnam

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