Global manufacturing rebounds in October led by India, Thailand, Vietnam
What's the story
Global manufacturing activity witnessed a significant upturn in October, with Asian economies such as India, Thailand, and Vietnam leading the charge. The S&P Global data revealed that Asia's manufacturing PMI (excluding China and Japan) hit a 14-month high. This indicates a stronger recovery momentum despite ongoing trade frictions and geopolitical uncertainty across the globe.
India's performance
India tops global manufacturing rankings
India once again topped the global manufacturing rankings with a PMI of 59.2 in October, up from 57.7 in September. The rise is attributed to festive-season demand and the government's GST rate rationalization. This is the fifth time in seven months that the index has stayed above 58, indicating resilience despite global headwinds. A reading above 50 indicates expansion.
Regional progress
Thailand, Vietnam also see sharp rise in manufacturing activity
In addition to India, other Asian countries also saw a sharp rise in manufacturing activity. Thailand's PMI rose for the sixth consecutive month to 56.6 in October from 54.6 last month—its biggest improvement since May 2023. Meanwhile, Vietnam's PMI jumped to a 15-month high of 54.5 in October from September's reading of 50.4, driven by new orders and export demand recovery.
Regional improvement
ASEAN PMI at joint-highest level in over 3 years
The ASEAN manufacturing PMI also rose to 52.7, its joint-highest level in over three years. This indicates broad-based improvement in operating conditions across the region. However, not all Asian economies benefited from this upturn. China's manufacturing PMI fell to 50.6 in October from September's reading of 51.2 due to declining export orders while South Korea saw weaker factory activity amid domestic demand and US tariffs impact.