Southeast Asia Manufacturing Tracker: Key Insights and Trends

In 2024, Southeast Asia’s manufacturing sector is shaped by evolving economic conditions and strategic investments. Vietnam and Thailand show moderate growth with PMIs of 52.4 and 52, bolstered by infrastructure improvements and strong export sectors. Indonesia and Cambodia face contraction (PMIs of 48.9), impacted by supply chain disruptions and external demand pressures. Malaysia’s sector stagnates (PMI 49.7), but government incentives target high-tech manufacturing. The Philippines sees modest growth (PMI 51.2), focusing on semiconductors and foreign investments. Singapore (PMI 50.9) remains competitive in biotech and electronics despite high labor costs. Across the region, policies aim to stimulate investment, diversify manufacturing bases, and enhance global trade connectivity.