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Taiwan PMI March 2022

Taiwan: Manufacturing PMI records worst reading since August 2020 in March

The S&P Global Manufacturing Purchasing Managers’ Index (PMI) fell to 54.1 in March from February’s 54.3. March’s result marked the worst performance since August 2020. As a result, the index remained above the 50.0 no-change mark, pointing to a moderating improvement in business conditions from the previous month.

The moderating value of the index stemmed from weaker growth in output, employment, purchasing and new orders, amid soft demand and supply disruptions. Moreover, business sentiment slipped to a six-month low amid concerns over the war in Ukraine, Covid-19 outbreaks in China and supply constraints. Both input and output prices rose at faster rates in March, amid higher raw materials, fuel and shipping costs.

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

“Risks to the outlook remain on the downside, as the recent uptick in Covid-19 cases in mainland China could further exacerbate supply chain delays and weigh on sales, while firms also expressed concerns that the recent invasion of Ukraine and further increases in costs could also dampen performance in the months ahead.”

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