ASEAN Manufacturing Growth Slows to Six-Month Low as Costs Surge, S&P Global Says

MT Newswires Live04-01

ASEAN's manufacturing sector expanded at a slower pace in March, with growth easing to a six-month low as price pressures surged, according to data released Wednesday by S&P Global.

The ASEAN Manufacturing Purchasing Managers' Index fell to 51.8 in March from 53.8 in February, marking the weakest reading since September but extending the current expansion streak to nine months.

New order growth slowed to the weakest since August, while production increased at the slowest pace in eight months. New export orders declined.

Firms scaled back hiring and purchasing activity, with both rising only marginally. Pre-production inventories grew at a slower pace, while post-production stocks fell for the first time since November.

Input cost inflation surged to its highest level since October 2022, while output prices rose at the fastest pace in three years.

Survey respondents linked rising price pressures and softer demand conditions partly to the impact of the Middle East conflict.

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