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Financial News: Taiwan Manufacturing PMI Tumbles To 13-Year Low -

Taiwan Manufacturing PMI Tumbles To 13-Year Low - S&P Global

10/31/2022 - 21:21:00 (RTTNews)

(RTTNews) - The manufacturing sector in Taiwan continued to contract in October, and at a faster pace, the latest survey from S&P Global revealed on Tuesday with a 13-year low manufacturing PMI score of 41.5.

That's down from 42.2 in September, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.

The latest decline was centered on weak customer demand, with new orders placed at Taiwanese firms falling for the sixth month in succession. Moreover, the latest contraction was substantial, quickening from that seen in September to the steepest since May 2020. Exports also fell sharply with panel comments citing weak demand conditions across the globe, but particularly from Asia, the US and Europe.

In turn, manufacturers cut their production levels for the seventh month in a row. In line with the trend for total sales, the rate of contraction was robust, the quickest since April 2020, and among the steepest in the survey's 18-and-a-half-year history.

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