Output 52.6 Higher ▲ Expanding
New Orders 51.8 Higher ▲ Expanding
New Export Orders 49.0 Higher ▲ Contracting
Backlogs of Orders 45.6 Lower ▼ Contracting
Stocks of Finished Goods 48.0 Lower ▼ Contracting
Stocks of Major Inputs 47.2 Higher ▲ Contracting
Purchases of Inputs 51.8 Lower ▼ Expanding
Imports 47.5 Lower ▼ Contracting
Input Prices 49.8 Lower ▼ Falling Ex-factory
Prices 47.9 Lower ▼ Falling
Employment 48.2 Lower ▼ Contracting
Suppliers’ Delivery Time 50.3 Lower ▼ Quickening
Business Expectations 53.8 Lower ▼ Optimistic
Four of the 13 sub-indices were higher than their respective levels in the previous month. For example, the new orders index went up by 0.7 pts to a one-year high of 51.8 in March, pointing to a faster expansion in market demand lately. The new export orders index also rose by 0.4 pts to 49.0, indicating that export demand has reduced at a slower pace. Against this backdrop, the output index gained 0.1 pts to an 11-month high of 52.6 in March, pointing to a rapid expansion in manufacturing output recently. Meanwhile, ex-factory prices dropped amid a fall in input prices: The input prices index declined by 1.0 pts to 49.8 in March, while the ex-factory prices index went down by 0.6 pts to 47.9 in the month
