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Taiwan PMI April 2021

Taiwan: Manufacturing PMI hits highest reading in over a decade in April

The IHS Markit manufacturing Purchasing Managers’ Index (PMI) came in at 62.4 in April, up from March’s 60.8. April’s result marked the strongest reading in over a decade. Consequently, the index remained entrenched well above the 50-threshold and signaled a stronger improvement in business conditions from the previous month.

April’s reading was driven by the fastest growth in new business in over 11 years amid stronger export sales. However, the month also saw a record increase in supplier delivery times amid input shortages and transport delays, which weighed on output growth somewhat. Moreover, input costs rose sharply, translating into a record increase in output prices.

Annabel Fiddes, economics associate director at IHS Markit, commented:

“Taiwan’s manufacturing sector continued to boom at the start of the second quarter […] and added signs to a further revival of demand across key markets such as Europe and the US. However, supply chain disruption remains a key concern, as supplier delays hit a new record in April amid reports of shortages and reduced shipping capacity. This is starting to weigh on overall production growth, while firms also registered a rapid increase in backlogs. Therefore, supply bottlenecks could weigh on performance in the months ahead, despite manufacturers’ efforts to build buffer stocks.”

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