The Automobiles & Auto Parts sector topped growth rankings across Asian industries in April for the first time in nearly two years, according to S&P Global Asia Sector PMI data released Wednesday.
Output in the sector expanded at the fastest pace since May 2024, with the growth rate described as rapid overall. The sector also recorded the sharpest increase in new business among the 18 monitored Asian sectors.
Sixteen of the 18 tracked sectors posted output growth in April, up from 15 in March, as Metals & Mining production returned to expansion.
Consumer Goods led at the broader industry group level, supported by strong growth in the Beverages & Food and Household & Personal Use Products segments, which ranked third and fifth overall.
Only two sectors contracted in April. Forestry & Paper Products experienced the steepest downturn, with output declining at the fastest rate in 26 months. Construction Materials output fell at the sharpest pace in nine months. Both sectors also recorded declines in new orders, the only two to do so.
Input costs rose across 17 of the 18 sectors, with most seeing stronger price increases than in March. Construction Materials faced the sharpest rises in both input prices and output charges.
Real Estate was the only sector where cost burdens decreased, marking its first decline since early 2023. Real Estate and Banks were the only sectors to register lower output charges.
The data covers responses from over 6,000 Asian private sector companies collected in the second half of April.
Source: Investing