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Taiwan PMI September 2022

Taiwan: Manufacturing PMI falls further in September

The S&P Global Manufacturing Purchasing Managers’ Index (PMI) declined from 42.7 in August to 42.2 in September. As a result, the index pointed to a sharper deterioration in business conditions from the previous month, and marked the lowest reading since May 2020.

The fall in the index was mainly driven by the fastest declines in output, new orders and exports in over two years, on the back of softer demand at home and abroad. Moreover, inventories fell at the quickest pace in more than a decade. More positively, supply chain pressures were modest, employment growth picked up, and input prices fell for the second straight month.

Annabel Fiddes, economics associate director at S&P Global, said:

“The average PMI reading over Q3 (43.2) marked the worst quarterly performance since the final quarter of 2008 during the global financial crisis. […] Companies do not anticipate the situation to approve anytime soon, with business confidence regarding the year-ahead hitting its second-lowest level on record. This was driven be fears that global economic conditions will weaken further, and demand across key markets across Asia, Europe and the US will continue to decline in the months ahead.”

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