All five PMI sub‑components pointed to improved operating conditions for the first time since May 2022. Output rose for a second month, led by intermediate and investment goods, though consumer goods slipped slightly. New orders increased for the sixth month, supported by precautionary buying and stronger demand from both domestic and overseas clients. Export sales grew for the fifth month, with gains from China, Europe, Japan, North America, and South Korea.

Cost pressures intensified, with purchasing prices rising at a near four‑year high due to higher costs for chemicals, energy, metals, plastics, and transport. Supply chain disruption linked to the Middle East war and restrictions through the Strait of Hormuz lengthened delivery times further.

Manufacturers raised purchasing activity and inventories, with input stocks rising for the first time in over three‑and‑a‑half years. Selling prices increased at the fastest pace since July 2022. Business optimism improved to a three‑month high, with nearly half of firms expecting output growth in the year ahead.

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