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.

它表示，尽管需求增加，但由于国际边境限制阻碍了公司从国外招聘的能力，制造商继续缩减劳动力数量。

As a result, it said the rate of job losses quickened.

结果，它说失业速度加快了。

Businesses also noted concern that sustained price and supply pressures had hampered operations, with material shortages and delivery delays widespread.

企业还注意到，持续的价格和供应压力阻碍了运营，材料短缺和交货延迟普遍存在。

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.

该公司表示，总体数据的上升是由新订单量的急剧回升带动的，新业务的增长达到了八年来的新高。

Firms noted that stronger client confidence had boosted demand in both domestic and external markets.

公司指出，客户信心增强提振了国内外市场的需求。

Concurrently, new export sales returned to expansion territory for the second time in three months, albeit only marginally.

同时，新的出口销售在三个月内第二次回到扩张区域，尽管幅度很小。

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.

然而，他表示，劳动力和零部件供应方面的供应限制仍然是经济复苏的主要阻力，这意味着制造商及其供应商再次无法满足平均需求，这反过来又给价格带来了持续的上行压力。

“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.

 “与此同时，中国的封锁和乌克兰战争进一步加剧了对供应链延迟的担忧，导致企业对前景的乐观情绪回落。

"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.

“简而言之，制造商正在看到需求复苏的迹象，但他们为满足这些新订单而提高产量的努力继续因短缺而受挫，这可能会在未来几个月对通胀构成进一步压力，”他说。