S&P Global: ASEAN manufacturing index slows in Sep. ’24

S&P Global ASEAN Manufacturing Purchasing Managers’ Index (PMI) fell to 50.5 in September 2024, down from 51.1 in August, marking the weakest improvement in operating conditions since February.

The slowdown was mainly due to a decrease in demand, with growth in new orders slowing to the softest level in seven months.

Trade volumes have been declining since June 2022, leading to a sharp drop in new export sales, the most significant in over three years.

“Output fell back into contraction territory, while a sharp downturn in trade volumes heavily weighed on overall demand, which rose only slightly,” economist at S&P Global Market Intelligence said.

Attribution: S&P Global report

Subediting: M. S. Salama