Financial News: Taiwan Manufacturing Downturn Softens In March

Taiwan Manufacturing Downturn Softens In March

04/01/2024 - 04:16:00 (RTTNews)

(RTTNews) - Taiwan's manufacturing contraction eased in March and neared stabilisation as output and new orders fell at slower rates, survey figures from S&P Global showed on Monday.

The manufacturing purchasing managers' index rose to 49.3 in March from 48.6 in February. However, any score below 50 signals contraction.

Both output and new orders continued to fall in March, but to slower degrees than in February. In spite of this, the underlying demand for goods from both domestic and international sources remained weak.

Export demand was especially lower in key export markets like Mainland China, Europe, and the United States.

The decline in sales and output in March led companies to cut both employment and purchasing activity in March.

On the price front, input price inflation softened to a 7-month low in March. In line with improved supply-side conditions and a moderation in cost inflation, firms reduced their selling prices.

"Perhaps most encouraging was the big jump in expectations, with confidence in the future rising to a near three-year high," Paul Smith, economics director at S&P Global Market Intelligence, said.

"Signs of price and supply stability are helping to support a more optimistic outlook."

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