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Taiwan PMI May 2024

Taiwan: Manufacturing PMI increases in May

The S&P Global Taiwan Manufacturing Purchasing Managers’ Index (PMI) rose to 50.9 in May from 50.2 in April. As a result, the index moved further above the 50.0 no-change threshold, and signaled a faster improvement in manufacturing-sector operating conditions compared to the previous month.

Key drivers behind the latest PMI reading included faster increases in both output and new orders, amid stronger domestic demand and improved plant productivity. Manufacturers also increased their purchasing activity for the first time in more than two years, reflecting higher production needs and efforts towards deliberate cost control. However, new export orders continued to decline for the 27th consecutive month.

May’s survey highlighted a significant acceleration in input cost inflation, which reached a 22-month high due to a broad-based rise in raw material prices. In response, manufacturers raised their output charges for the first time in five months to protect margins, although the rate of inflation for output charges remained marginal and well below that of input prices. Business sentiment remained positive, with firms expecting productivity and output to continue improving over the coming year, albeit confidence dipped to a three-month low.

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