Taiwan: Manufacturing PMI falls in May
The S&P Global Manufacturing Purchasing Managers’ Index (PMI) decreased from 47.1 in April to 44.3 in May. As a result, the index moved further below the 50-threshold and pointed to a faster deterioration in business conditions.
May saw the quickest falls in output and new orders since January, with firms also reducing their stocks and purchasing activity. Moreover, employment fell at the sharpest rate in over three years, and the decline in exports accelerated. Meanwhile, both input and output prices well, while delivery times improved at the fastest pace in over a decade amid muted demand.
Annabel Fiddes, economics associate director at S&P Global Market Intelligence, said:
“Lower customer demand across key export markets such as mainland China, Europe and the US continued to act as a drag on the sector’s performance, according to surveyed companies. […] With official data now confirming Taiwan’s economy fell into recession in Q1, the latest manufacturing PMI data indicate a disappointing Q2.”