Malaysia's manufacturing firms lose further growth momentum in November

The Malaysian manufacturing sector moderated further midway through the final quarter of 2022 with waning demand a central feature within the latest survey data.

马来西亚制造业在 2022 年最后一个季度中期进一步放缓，需求减弱是最新调查数据的一个核心特征。

In a report on 1st December, S&P Global Market Intelligence said order books were scaled back at the strongest rate in 15 months while production levels also lost further growth momentum.

在12 月 1 日的一份报告中，标准普尔全球市场情报公司表示，订单以 15 个月来最强劲的速度缩减，而生产水平也失去了进一步的增长势头。

To mirror demand trends, firms lowered input buying and moderated inventory levels, but employment stabilised.

为反映需求趋势，企业降低了投入购买并降低了库存水平，但就业稳定了。

Rates of both input cost and selling price inflation, though ticking up slightly from October, were much softer than seen earlier in the year.

投入成本和售价通胀率虽然较 10 月份略有上升，但远低于今年早些时候的水平。

Firms remained optimistic about the future, but the degree of confidence did weaken from October to a five-month low.

企业对未来仍持乐观态度，但信心程度确实从 10 月开始减弱至五个月低点。

The seasonally adjusted S&P Global Malaysia Manufacturing Purchasing Managers’ Index posted at 47.9 in November, down from 48.7 in October.

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 11 月份为 47.9，低于 10 月份的 48.7。

The latest reading pointed to a more marked slowdown in business conditions which was the strongest since August 2021.

最新数据表明商业环境放缓更为明显，这是自 2021 年 8 月以来最强劲的。

The latest PMI reading is representative of approximately 5% year-on-year growth in Malaysian GDP, thereby signalling a slowdown in growth from the situation in the third quarter of 2022.

最新的 PMI 读数代表马来西亚 GDP 同比增长约 5%，从而表明 2022 年第三季度的增长放缓。

In line with the headline figure, there were further signs of waning demand in November with order book volumes losing further momentum.

与标题数字一致，11 月份有进一步需求减弱的迹象，订单量进一步失去动力。

The moderation was the sharpest in 15 months and was driven by muted underlying demand conditions.

这种放缓是 15 个月来最严重的，是由低迷的潜在需求状况推动的。

Malaysian manufacturing firms registered similar trends for international sales volumes.

马来西亚制造公司的国际销量趋势相似。

New export orders were scaled back for the fifth time in as many months and at a solid rate.

新出口订单在几个月内第五次缩减，而且速度稳健。

Meanwhile, output moderated for a fourth month running midway through the final quarter.

与此同时，产出在最后一个季度中期连续第四个月放缓。

S&P Global said survey respondents reported that drops in production levels were reflective of the aforementioned demand conditions.

标准普尔全球表示，受访者表示生产水平下降反映了上述需求状况。

Muted demand conditions reportedly led firms to scale back input buying in November and at the fastest pace since September 2021.

据报道，需求低迷导致企业在 11 月缩减了投入品购买，并以 2021 年 9 月以来的最快速度缩减。

As such, for the fourth consecutive month, pre-production inventory levels moderated. The slowdown in sales also allowed firms to focus on working through outstanding business in November, thereby stretching the current sequence of backlog depletion to six months.

因此，生产前库存水平连续第四个月下降。销售放缓还使公司能够专注于处理 11 月份的未完成业务，从而将当前的积压订单耗尽序列延长至六个月。

Malaysian manufacturing companies, however, remained hopeful that demand conditions would normalise over the coming year, as signalled by a seventeenth consecutive month of optimism regarding the year-ahead outlook for production.

然而，马来西亚制造公司仍然希望未来一年的需求状况能够正常化，这是连续第 17 个月对未来一年的生产前景持乐观态度所表明的。

That said, the degree of confidence was the weakest in five months amid some concerns over the longer-term effect of the current economic climate.

尽管如此，由于对当前经济气候的长期影响存在一些担忧，信心程度是五个月来最弱的。

November data was indicative of no change in workforce numbers at Malaysian manufacturing companies.

11 月的数据表明马来西亚制造公司的劳动力数量没有变化。

Firms who registered a drop in staffing levels reported resignations, but others raised employment in order to support production.

员工人数下降的公司报告了辞职，但其他公司增加了就业以支持生产。

Suppliers’ delivery times lengthened in November but at a rate which was only slight and the softest in three years.

供应商的交货时间在 11 月份有所延长，但幅度很小，而且是三年来最低的。

Anecdotal evidence suggested that input shortages remained the primary driver in deteriorating vendor performance.

轶事证据表明，输入短缺仍然是供应商业绩恶化的主要原因。

S&P Global Market Intelligence economist Laura Denman said the Malaysian manufacturing sector displayed further signs of waning in November.

标准普尔全球市场情报经济学家劳拉丹曼表示，马来西亚制造业在 11 月显示出进一步减弱的迹象。

She said there was a solid slowdown in production levels was and the fastest scaling back in order book volumes since August 2021.

她说，生产水平明显放缓，订单量出现自 2021 年 8 月以来最快的缩减。

“The aforementioned fragility in demand became a running theme throughout the survey data and was reportedly the primary factor driving moderations in input buying, stocks and business confidence which, though still positive, slipped to a five-month low.

“上述需求脆弱性成为贯穿整个调查数据的主题，据报道是推动投入品购买、股票和商业信心放缓的主要因素，尽管这些信心仍然积极，但已跌至五个月低点。

"There were, however, some more encouraging aspects in the November data. Further signs of easing supply pressures were displayed in November, as indicated by the latest lengthening of suppliers’ delivery times being the softest in three years and only marginal overall.

“然而，11 月的数据也有一些更令人鼓舞的方面。11 月显示出进一步缓解供应压力的迹象，供应商交货时间的最新延长是三年来最疲软的，而且总体上只是微不足道的。

“Meanwhile, both input cost and selling price inflation ticked up very slightly from October but remained well-below the rates seen earlier in the year,” she said.

 “与此同时，投入成本和售价通胀均较 10 月份略有上升，但仍远低于今年早些时候的水平，”她说。