Taiwan: July PMI pointed to a solid start to 3Q

研报英文原文证据摘录

Taiwan: July PMI pointed to a solid start to 3Q

J P M O R G A N Asia Pacific Economic Research

03 August 2026

Taiwan: July PMI pointed to a

solid start to 3Q

• July PMI signaled sustained expansion in Taiwan’s manufacturing sector. Emerging Markets Asia, Economic

and Policy Research

• Output PMI remained elevated despite a moderation in the pace, while new

orders inched up further. Jiayi Li

(852) 2800-5229

• Employment edged back into expansionary territory amid robust orders and jiayi.c.li@jpmorgan.com

accumulation of backlogs of work. JPMorgan Chase Bank, N.A., Hong Kong Branch

• Both input and output prices grew at a slower pace.

Taiwan’s headline manufacturing PMI remained firmly in expansion for the eighth

consecutive month at 55.1, pointing to a solid start to 3Q (vs. JPMe: 55.6). While the

index dipped by a marginal 0.1pt from last month, the July print was still among the

highest in five years. Output PMI stayed elevated at 55.1, though the pace of

expansion moderated from June’s multi-year high. New orders PMI inched up 0.1pt

to 57.0, while new export orders improved for a seventh straight month at 55.8, albeit

at a slower pace.

Robust orders have prompted continued increases in the quantity of purchases (57.3)

and accumulation of backlogs of work (54.4). Supplier delivery times lengthened,

pointing to tighter capacity as demand rises faster than output, alongside

normalization delays linked to the Middle East conflict. Encouragingly, the

employment PMI edged back above the 50-threshold to 50.2 (+0.4pt), marking the

first month of job creation in five months.

Price components moderated further in July despite renewed Middle East tensions.

The input price PMI fell sharply by 4.9pts to 68.1, the softest pace of increase in six