The manufacturing PMI of major economies has experienced ongoing declines, with only India and Thailand maintaining strong performance. The manufacturing PMI in the United States fell to 46.9, marking the seventh consecutive month of contraction (below 50). The Eurozone’s manufacturing PMI worsened further to 44.8. Although China’s Caixin PMI rebounded to 50.9, the employment situation continued to deteriorate, and business confidence significantly declined. China’s official NBS PMI dropped to 48.8, indicating that major global economies are currently facing severe pressure. However, India’s manufacturing PMI defied the trend and rose to 58.7, while Thailand’s manufacturing PMI remained at a high level of 58.2 despite a slight decrease compared to April, driven by the reopening of tourism.
Global Manufacturing PMI
| Area | Feb-23 | Mar-23 | Apr-23 | May-23 |
| US (ISM) | 47.7 | 46.3 | 47.1 | 46.9 |
| Eurozone | 48.5 | 47.3 | 45.8 | 44.8 |
| China (NBS) | 52.6 | 51.9 | 49.2 | 48.8 |
| China (Caixin) | 51.6 | 50 | 49.5 | 50.9 |
| India | 55.3 | 56.4 | 57.2 | 58.7 |
| Indonesia | 51.2 | 51.9 | 52.7 | 50.3 |
| Thailand | 54.8 | 53.1 | 60.4 | 58.2 |
| Brazil | 49.2 | 47 | 44.3 | 47.1 |
| Russia | 53.6 | 53.2 | 52.6 | 53.5 |
Perspective:
Long-term high inflation and shrinking global demand will continue to pose a threat to the global economic outlook, particularly impacting the development of the manufacturing sector. Although some countries still show resilience, they are unable to reverse the overall situation. It is expected that corporate profits will remain weak in the second quarter, and we need to patiently await opportunities for recovery once the economy hits bottom.
