Asia manufacturing PMI tops 50 for seven consecutive months

(ECNS) -- The purchasing managers' index (PMI) for Asia's manufacturing sector stood at 50.8 in July, mildly down 0.3 percentage point from the previous month, remaining above 50 for seven consecutive months, according to data released by the China Federation of Logistics and Purchasing on Tuesday.

In terms of major countries, the manufacturing PMI for China fluctuated mildly, holding steady at 49.5 in July. PMI in India fell slightly in the same month, but remained above 58. Among ASEAN countries, the manufacturing PMI of Vietnam remained unchanged from the previous month at 54. Thailand's manufacturing PMI in July rose above 52. PMIs in Singapore and the Philippines recorded above 50, but Indonesia and Malaysia's are below 50. The manufacturing PMI in Japan and South Korea declined from the previous month, with Japan's manufacturing PMI below 50 and South Korea's manufacturing PMI above 50.

The rise of Asia's manufacturing sector slowed down from the previous month standing above 50, which is higher than the PMI index in Africa, Europe, and the Americas.

The International Monetary Fund has raised its forecast for Asian emerging market economy growth to 5.2 per cent in 2024. The Asian Development Bank recently released a supplement to its Asian Development Outlook 2024, raising its forecast for the economic growth of developing economies in the Asia-Pacific region from 4.9 percent to 5.0 percent in 2024.

The global manufacturing PMI came in at 48.96 in July, down0.6 percentage points.