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Malaysia PMI May 2023

Malaysia: Manufacturing PMI deteriorates further in May

The S&P Global Manufacturing Purchasing Managers’ Index (PMI) weakened to 47.8 in May, from 48.8 in April. As such, the index dipped further below the 50.0 no-change threshold, signaling a worsening deterioration in manufacturing sector operating conditions.

May’s result pointed to mounting headwinds for the Malaysian manufacturing sector. Weak domestic and external demand underpinned the stronger decline, with new orders moderating at the sharpest pace in three months and output falling at the steepest pace since January. In turn, purchasing activity and headcounts were both reduced. Consequently, sentiment in the sector declined to nearly a one-year low, as expectations regarding demand weakened. Less negatively, the muted demand eased price pressures somewhat.

Commenting on the release, Andrew Harker, Economics Director at S&P Global Market Intelligence, said:

“Malaysian manufacturers are clearly enduring a challenging time at present, with reports of demand weakness widespread in the latest PMI survey. Although the latest figures are still representative of growth in official numbers, the sector does appear to be going through a soft-patch which may yet last for some months to come.”

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