Vietnam manufacturing PMI uplifts in September

Oct 03, 2017, 08:09
Vietnam manufacturing PMI uplifts in September

"The rate of expansion in new export orders also quickened in September", the Nikkei's IHS Markit reported.

The PMI rose to a seasonally adjusted 55.0 last month from 54.6 in August. New business has risen continuously since November 2016, and the latest increase was the strongest for 31 months.

That optimism led firms to step up input buying at the end of the third quarter, the poll found. Purchasing activity rose noticeably faster compared to the previous month, which contributed to a larger build in pre- production inventories.

The PMI is a composite index representing the weighted average of five sub-components: new orders, output, employment, suppliers' delivery time and stocks.

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This is despite the modest sales trend and renewed growth in overseas orders.

The index indicated strong growth in the sector's output - any figure above 50 denotes growth - but was shy of expectations of 56.4, and well down on last month's 56.9.

Growth in Australia's manufacturing sector slowed in September as high energy prices continued to put pressure on profits.

"The weak peso continued to pose a problem for manufacturers".

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Cost pressures return The inflationary pressures that were weighing on the industry earlier this year have come back to bite, following increasing commodity costs and volatile exchange rates, which in turn have increased challenges across the supply chain.

"Not only did the cheaper currency fail to provide a boost to exports, it raised the cost of imports", the report read.

Increases in input costs were passed on to clients, leading to the steepest increase in output charges for four months. "There were also reports of rising cost inflation affecting production levels", added Aw.

Guian Angelo S. Dumalagan, Land Bank of the Philippines market economist, noted that "o$3 ne thing surprising about the report though is that exports provided minimal boost to the overall manufacturing sector, despite depreciation of the peso and the general improvement in economic conditions overseas".

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Mr Willox also said that last orders were now underway for component suppliers to the Australian auto manufacturing sector, and the final impact on the overall manufacturing industry won't be known until the end of the year.

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