Taiwan: Manufacturing PMI dips in March
The S&P Global Manufacturing Purchasing Managers’ Index (PMI) decreased from 49.0 in February to 48.6 in March. As a result, the index was below the 50-threshold and pointed to a faster deterioration in business conditions.
March saw falls in output, new orders, exports and employment, while firms continued to destock amid soft business sentiment. Input price pressures eased, and output prices fell as firms tried to secure new business. While supply chain pressures ebbed, this was linked to lower input demand.
Annabel Fiddes, economics associate director at S&P Global Market Intelligence, said:
“Weakness continued to stem from subdued global economic conditions and a corresponding drop in client demand. Until there is a meaningful improvement in customer spending at home and overseas, the sector is likely to remain under pressure in the months ahead. […] While [the supply chain improvement] was due to falling demand for inputs, it bodes well for when the sector moves back into recovery.”