In July, the manufacturing index in Singapore saw a significant increase
It was announced on August 2, 2021, that the Philippines and Singapore were the only two nations in ASEAN to have had an increase in the manufacturing index for July 2021, according to the IHS Markit Manufacturing Purchasing Managers’ Index (PMI).
As a result of the return of coronavirus disease 2019 (Covid-19) in the area, the manufacturing score for Asean dropped to 44.6, which was the lowest in the region in 13 months.
Purchasing Managers’ Index (PMI) is a measure of the health of the manufacturing sector, with scores above 50 indicating progress and numbers below neutral representing decline.
Singapore, out of the seven ASEAN nations tracked by IHS Markit, had the most increase, with a 56.3 percent improvement.
The Philippines’ manufacturing index for the month of June ended at 50.4, which was slightly lower than the 50.8 indexes for the same month in June 2021.
While the Philippines manufacturing sector saw further improvement in operating circumstances during July, the most recent statistics showed that domestic demand and output levels were still being negatively affected by the pandemic,” the statement reads. Meanwhile, although case numbers have dropped slightly from earlier in the year, they are still far from under control, forcing certain limitations to remain in place,” said Shreeya Patel, an economist with IHS Markit Research.
Myanmar’s manufacturing index decreased to 33.5 points, while Indonesia’s dropped to 40.1 points, Malaysia’s down to 40.1 points, Vietnam’s dropped to 45.1 points, and Thailand’s dropped to 48.7 points.
An increase in Covid-19 cases has been seen in these nations as a result of the emergence of the more contagious Delta form.
Patel further said that the Philippines’ immunization efforts had bolstered the country’s economic prospects, citing the promising levels of purchasing input and increasing stock quantities among manufacturers as evidence of this.
“However, domestic demand must continue to strengthen during the second half of the year in order to contribute to growth in 2021,” she said.
Meanwhile, the prognosis for producers improved to its highest level in four months in July.