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Asia Manufacturing Outlook at Lowest Since Pandemic
The Straits Times
|August 02, 2025
Manufacturers across South-east Asia turned the least optimistic about future growth since the depths of the Covid-19 pandemic amid US President Donald Trump's long tariff roll-out, even as activity improved in July.
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HONG KONG -
Confidence in future output across the region fell to the lowest since July 2020, according to S&P Global purchasing managers' index (PMI) data published on Aug 1.
The pessimism comes even as overall output improved in July, as the headline index of activity rose for the first time since March to 50.1, just above the 50-line demarcating growth or contraction. That is after contracting in June the most in nearly four years.
Manufacturers across South-east Asia have been whipsawed since early in 2025 by White House trade policy. After unveiling in April some of the highest tariff rates in Asia, Mr Trump has since set tariff rates of 10 per cent to 40 per cent for the region.
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