Asia driving global mfg recovery

New Delhi: Global manufacturing activity increased momentum in October, driven by Asian economies, with India, Thailand, and Vietnam showing significant improvements, a new report said on Wednesday.

India topped the global manufacturing rankings again, with the HSBC manufacturing PMI increasing to 59.2 in October from 57.7 in September, driven by festive demand and GST rate rationalisation, according to S&P Global survey data.

Data from S&P Global showed that Asia’s manufacturing PMI (ex-China and Japan) reached a 14-month high to 52.7, signalling stronger recovery momentum despite ongoing trade frictions and geopolitical uncertainty. Chris Williamson, chief business economist at S&P Global Market Intelligence, said that Asia Thailand achieved its strongest PMI reading since May 2023 and Vietnam its highest since July 2024 as producers in these economies reported a thawing of concerns over the impact of US tariffs. Thailand’s PMI increased to 56.6 from 54.6, while Vietnam’s rose to 54.5 from 50.4, driven by a rebound in new orders and export demand.Regarding, India’s performance, the firms said that it is the fifth time in seven months that the index has remained above 58, highlighting the sector’s resilience despite global headwinds.