Vietnam's Aug PMI falls to 51.3 as China devaluation weighs
Tuesday, September 1,2015AsemconnectVietnam - Data from the Nikkei Vietnam Purchasing Managers' Index for August.
Readings above 50.0 signal an improvement in business conditions while readings below indicate deterioration.
DATA
|
AUG
|
JULY
|
JUNE
|
|
51.3
|
52.6
|
52.2
|
CONTEXT
* Output grows 23rd month but at weakest pace in 10 months
* Input costs fall at sharpest rate since February
* New export orders decrease for the third month running
- August data signalled an extended improvement of Vietnamese manufacturing business conditions since October 2013, but at the slowest pace since March as output growth eased and export orders dropped for the third month running.
- Manufacturing output increased at the weakest rate in 10 months and growth of new business eased as global demand declined and amid rising competitive pressure from Chinese firms after Beijing devalued the yuan currency on Aug. 11.
- Input costs fell at the sharpest rate since February on declining prices of raw materials, especially steel and oil, and cheaper Chinese goods after the yuan devaluation, pushing output prices to one of the lowest levels in the series history.
- Delivery times improved for the first time in six months in August as a result of fast payments and requests for quicker shipment.
- Backlogs of work extended its downward trend to the third straight month while firms continued to hire more staff.
Source: Reuters
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