The manufacturing sector in Indonesia continued to expand in February, and at a faster pace, the latest survey from S&P Global revealed on Monday with a Purchasing Manager Index score of 53.8.
That’s up from 52.6 in January and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
Central to February’s upturn was an accelerated expansion in demand for Indonesian goods. New orders increased for the seventh successive month, with the rate of growth at the strongest level since last November. Panel member reports suggested that customer numbers were higher and that client confidence had improved.
Data indicated that the expansion in total new orders was broad-based, as Indonesian manufacturers pointed to a renewed increase in new export business, the first for six months. Anecdotal evidence pointed to improved demand in international markets. In fact, the rise in new export orders was the steepest since May 2022.
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