Asia's factory activity weakens on global slowdown, cost pressures

Asia's factory activity weakens on global slowdown, cost pressures

Asia's factory output mostly weakened in September as slowing demand in China and advanced economies added to the pain from persistent cost pressures, surveys showed on Monday (Oct 3), clouding the region's economic recovery prospects.

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Manufacturing activity shrank in Taiwan and Malaysia, and grew at a slower pace in September compared with August in Japan and Vietnam, as rising raw material costs and the darkening global outlook weighed on corporate sentiment.

The surveys came after China's factory and services activity data on Friday pointed to further cooling in the world's second-largest economy as strict COVID-19 lockdowns disrupted production and dampened sales.

"We're seeing economic conditions deteriorate in China, the United States and Europe. That's definitely weighing on Asian manufacturing activity," said Toru Nishihama, chief economist at Dai-ichi Life Research Institute in Tokyo.

"While supply disruptions may have run its course, Asia is now suffering from slumping global demand."

The au Jibun Bank Japan Manufacturing Purchasing Managers' Index (PMI) slumped to 50.8 in September from 51.5 in the prior month, marking the weakest growth rate since January last year.

New orders shrank at the fastest rate in two years, while output posted its sharpest decline in a year due to weakening demand from China and other trading partners, Japan's PMI survey showed.