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yesterday

Asia’s January PMIs Signal Export-Led Factory Rebound as China Delivers Mixed Readings

Export strength powered Asia's factories in January despite lingering weakness in China's domestic demand.

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Workers walk between precision-machining machines for automotive parts inside a factory at Kyowa Industrial Co. in Takasaki, Gunma Prefecture, Japan April 11, 2025. REUTERS/Issei Kato
An employee works at a ceramics factory where the workers start their shifts before dawn to optimise sunlight and save energy, in Citta di Castello, Italy, August 30, 2022. REUTERS/Jennifer Lorenzini
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Overview

  • Japan’s manufacturing PMI rose to 51.5, the strongest since August 2022, with output and new orders accelerating, export demand returning, hiring up, and input and output prices climbing.
  • South Korea’s PMI increased to 51.2, the highest since August 2024, as export orders saw the biggest jump since April 2021 and optimism reached a near four-year high, supported by semiconductor demand.
  • China’s private RatingDog/S&P Global PMI edged up to 50.3 with exports rebounding and hiring improving, contrasting with official PMIs showing manufacturing at 49.3 and non-manufacturing at 49.4.
  • Australia’s PMI indicated a five-month high in growth, with stronger new orders, the first rise in exports in five months, the fastest employment gains since early 2023, and firmer cost pressures.
  • India’s HSBC/S&P Global PMI improved to 55.4 on stronger domestic orders and output, though export gains were modest, hiring remained slight, and business confidence fell to a three-and-a-half-year low.