Taiwan's manufacturing sector saw continued growth in April despite a slight contraction from the month before. That's according to the latest data from the Chung-Hua Institution for Economic Research (CIER).
The data puts Taiwan's Purchasing Manager's Index (PMI) at 61% for the month of April.
The PMI is an indicator of the health of the manufacturing sector. A reading of over 50 indicates growth while under 50 means contraction from the previous month. Though the PMI for April was down 4.2 percentage points from March, the index stayed about 60% for both months.
CIER president Wu Chung-shu said the sector's slight contraction is the result of seasonal factors. Wu said that the beginning of a slower season has affected all areas of manufacturing except the automotive industry.
Wu also said that the growth in manufacturing has buoyed the non-manufacturing sector, which has also seen two months of growth. He said that with the exception of wholesalers, all areas of the non-manufacturing sector have seen expansion. Wu said Taiwan's economy is showing continued recovery.
Source: Radio Taiwan International