October PMI at 58.3
By ECCT staff writers
Taiwan’s official manufacturing Purchasing Manufacturers Index (PMI) came in at 58.3, up for the first time in three months and remaining above the neutral 50 mark for the 16th consecutive month.
According to the Chung-Hua Institution for Economic Research (CIER), the new order index and production quantity index of the chemical, biotechnology, and medical industry and the food and textile industry have both moved from contraction to expansion. However, while the PMI outlook for the next six months is expanding, the sub-index fell slightly from the previous month by 1.3 percentage points, the slowest rate of expansion since September 2020, indicating slightly slower economic growth ahead. CIER attributed the slight decline to a less robust orders for goods like electronic components.
Meanwhile the non-manufacturing Purchasing Managers Index (NMI) expanded for the fourth consecutive month by 1.2 percentage points to 58.5, which CIER attributed to the gradual relaxation of pandemic prevention measures and the cooperation of the industry with the promotion of the consumer vouchers.