June PMI at 48.3
By ECCT staff writers, CIER
Taiwan’s official Manufacturing Purchasing Managers Index (PMI) for June 2023 came in at 48.3, the fourth consecutive month in negative territory (below 50) but up seven percentage points from the previous month. According to a news release from the Chunghua Institution of Economic Research (CIER), among the five subindices, seasonally adjusted new orders and industrial output (production) turned from contraction to expansion, while seasonally adjusted employment showed contraction, suppliers' delivery time decreased, and inventories contracted.
New business orders rose by 18.4 points from the previous month to 52.7, while the industrial output gauge rose 14 points to 50.9. However, the subindices for employment, supplier deliveries and inventories remained in contraction, although they moved slightly higher from a month earlier by 0.8, 0.6 and 1.4 points respectively, to 47.2, 44.1 and 46.7.
Broken down by industry, the four major industry sectors contracted in June with readings for the electric power and mechanical equipment industry at 44.3, basic raw materials industry (44.4), chemical and biotechnology medical industry (48.1), and electronics and optical industry (48.8). Bucking the trend and reporting expansion were the food and textile industry (at 53.0) and the transportation industry (52.7).