PMI's Decline In May

Manufacturing PMI's lower in general across EM Asia, the outlook clouded by a second wave of coronavirus and associated restriction measures. A slower pace in the vaccination programmes compared to countries such as the UK and the US also weighing on sentiment.

• Taiwan slipped but remained elevated thanks to the electronics sector and surging exports, a similar story is seen in South Korea.
• Philippines saw improvement after a sharp drop in April, but remained in contractionary territory.
• IHS Markit South Korea May Mfg PMI 53.7 vs 54.6 in April
• IHS Markit Taiwan May Manufacturing PMI 62 vs 62.4 in April
• IHS Markit Malaysia May Manufacturing PMI 51.3 vs 53.9 in April
• IHS Markit Philippines May Mfg PMI 49.9 vs 49 in April
• IHS Markit Thai May Manufacturing PMI 47.8 vs 50.7 in April
• The breakdown of all the releases can be found here: