TOKYO -- Growth in ASEAN's manufacturing sector showed only marginal improvement in July, with slower rises in new orders and output, according to a survey.
The Nikkei ASEAN Manufacturing Purchasing Managers' Index, or PMI, fell from 51.0 in June to 50.4 in July, hovering above the 50-point line separating expansion from contraction.
Five of the seven monitored countries indicated improvement in manufacturing conditions, while Malaysia and Myanmar showed decline.
Vietnam remained first in the rank, while the Philippines moved up to second place despite softer pace of growth.
Bernard Aw, principal economist at IHS Markit, which compiles the survey, said "the current upturn may have reached its peak" and "[e]ven the rebound in export sales was only marginal."
"[R]ising concerns of a global trade war could also affect demand for ASEAN manufactured goods which, in turn, would affect output," he added.
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