Beijing, April 6th (Xinhua) - Asian manufacturing PMI rose to 51.6% in March, and Asian manufacturing growth accelerated

Ruan Yulin, journalist from Zhongxin Finance and Economics

On the 6th, the China Federation of Logistics and Purchasing released data showing that in March 2024, the Purchasing Managers' Index (PMI) of Asian manufacturing was 51.6%, an increase of 1.3 percentage points from the previous month, and the increase was expanding compared to the previous month, indicating that the growth rate of Asian manufacturing has accelerated on the basis of stable growth in the first two months.

From the perspective of major countries, China's manufacturing PMI has returned to the expansion range after running below 50% for five consecutive months, rising to 50.8%; India's manufacturing PMI has risen to over 59%; Among the major ASEAN countries, Indonesia, Singapore, and the Philippines maintain a manufacturing PMI of over 50%.

Data changes show that the growth rate of Asia's manufacturing industry continues to lead other regions. China, India, and major ASEAN countries still play an important leading role in the growth of the Asian economy. The 2024 Annual Report on Asian Economic Prospects and Integration Process released by the Boao Forum for Asia states that the growth rate of the Asian economy is expected to reach 4.5% in 2024, and the economies of scale in GDP of Asian economies are expected to account for 49% of the global total. Compared to other regions, Asian countries place greater emphasis on regional cooperation, with a more inclusive and open development environment and stronger resilience in development.

In March 2024, the global manufacturing PMI was 50.3%, an increase of 1.2 percentage points from the previous month.