Malaysian manufacturing sector returns to expansion
The Malaysian manufacturing sector reported a renewed increase in growth momentum at the start of the second quarter of 2022.
马来西亚制造业报告称，在 2022 年第二季度开始时，增长势头再次增加。
S&P Global said that although output levels remained subdued, incoming orders recovered strongly to register the sharpest rise since April 2014 amid improved client confidence.
标准普尔全球表示，尽管产出水平仍然低迷，但由于客户信心改善，新订单强劲复苏，录得自 2014 年 4 月以来的最大增幅。
It said despite the rise in demand, manufacturers continued to scale down workforce numbers as international border restrictions hampered the ability of firms to hire from abroad.
As a result, it said the rate of job losses quickened.
Businesses also noted concern that sustained price and supply pressures had hampered operations, with material shortages and delivery delays widespread.
S&P Global said this played on firms' expectations regarding future output, which fell to the lowest since last August.
标准普尔全球表示，这与公司对未来产出的预期有关，该预期降至去年 8 月以来的最低水平。
The seasonally adjusted S&P Global Malaysia Manufacturing Purchasing Managers’ Index rose from 49.6 in March to 51.6 in April, indicating a renewed improvement in the health of the sector.
经季节性调整的标准普尔全球马来西亚制造业采购经理人指数从 3 月的 49.6 上升至 4 月的 51.6，表明该行业的健康状况再次改善。
S&P Global said that looking at the historical relationship between the PMI and official statistics, the latest reading is representative of continued expansions in manufacturing production and GDP, though the survey suggested that growth was again held back by sustained supply chain issues.
标准普尔全球表示，从 PMI 与官方统计数据之间的历史关系来看，最新数据代表了制造业生产和 GDP 的持续扩张，尽管调查表明，持续的供应链问题再次阻碍了增长。
It said the uptick in the headline figure was led by a sharp recovery in new order volumes, with growth of new business hitting an eight-year high.
Firms noted that stronger client confidence had boosted demand in both domestic and external markets.
Concurrently, new export sales returned to expansion territory for the second time in three months, albeit only marginally.
S&P Global Chief Business Economist Chris Williamson said April saw a welcome surge in demand for manufactured goods with producers reporting the strongest inflow of new orders for eight years, reflecting a combination of improving sales at home and abroad.
标准普尔全球首席商业经济学家Chris Williamson表示，4 月份制成品需求激增，生产商报告新订单流入量为八年来最强劲，这反映了国内外销售的改善。
However, he said supply constraints in terms of both labour and component availability remain a major headwind to the economic recovery and meant manufacturers and their suppliers were again unable to meet demand on average, which is in turn putting sustained upward pressure on prices.
“Concerns over supply chain delays have meanwhile been further fanned by lockdowns in China and the Ukraine war, leading to a pull-back in business optimism about the outlook.
"In short, manufacturers are seeing signs of reviving demand but their efforts to boost production to meet these new orders continue to be frustrated by shortages, which will likely put further pressure on inflation in the coming months,” he said.