02-Jun-2026 11:37

Following a slowdown in each month since February, ASEAN manufacturers saw operating conditions improve at an accelerated pace in May. The upturn was supported by a solid increase in new orders. Production growth also accelerated, after signalling only a fractional rise in the month prior. Additionally, confidence regarding the year ahead outlook improved further to a four-month high, with the respective index moving towards the long-run average. That said, manufacturers continued to report substantial price pressures in May, though both cost burdens and output charges rose at weaker rates. The S&P Global ASEAN Manufacturing Purchasing Managers' Index (PMI) came in above the neutral 50.0 threshold for an eleventh successive month in May. Moreover, at 51.5, the headline index edged up from 50.7 in April, thereby marking the first uptick in three months and signalling a moderate improvement in the health of the ASEAN manufacturing sector.

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