"Asia's factories stumble as US trade deals fail to revive demand", 1 December 2025.

Asia's manufacturing powerhouses struggled with sluggish demand in November, extending declines in factory activity as progress in US trade negotiations failed to translate into a significant recovery in orders.

A raft of purchasing managers' indexes (PMIs)... showed diverging conditions across the region, with China, Japan, South Korea and Taiwan all reporting declines in activity while Southeast Asian economies mostly saw growth...

In China...factory activity slipped back into contraction...a day after Beijing's official measure showed activity falling for the eighth consecutive month albeit at a slower pace.

Across Asia this year, businesses in major exporting nations have been scrambling to navigate the uncertainty created by US President Donald Trump's...tariffs.

While Trump's trade deals with countries like Japan and South Korea and lowered tensions with China have given firms some confidence, many are still adjusting to the new US trade reality.

Japan's PMI showed new orders continued to decline...blamed on factors such as a sluggish global business environment, tighter client budgets and subdued capital investment...

South Korea's factory activity contracted for a second month in November, though a finalised trade deal with the United States brought some clarity for manufacturers.

Separate data showed Korean exports rose in November...beating market expectations, as chip sales hit a record on strong technology demand while autos also jumped after a US trade deal.

Taiwan's PMI showed factory activity continued to fall, but at a slower pace.

Meanwhile, Asia's emerging-market manufacturers remained outperformers with Indonesia and Vietnam both reporting brisk growth in factory activity and Malaysia swinging back to growth.