Asia's manufacturing sector saw new export orders plummet across the region in April following the implementation of new tariffs, HSBC said in a Monday release, citing purchasing managers' index (PMI) surveys.

The sharp decline, which excludes India and, to some extent, Singapore, signals a significant disruption to global trade flows, the equity research firm said.

Demand from American importers has plunged amid a potential return of reciprocal tariffs in July, HSBC said.

The impact of the tariffs is also evident in slowing production and employment indices, indicating an early hit on Asia's domestic economic activity, according to the research firm.

China's NBS output prices index fell sharply, driven by overcapacity issues worsened by reduced demand from the US, HSBC said.

Meanwhile, India was the only major Asian nation whose new export orders accelerated, with its index rising to 57.6 from 54.9.

The country potentially benefited from producers seeking to avoid higher tariffs on Chinese goods, HSBC said.

In contrast, Vietnam's manufacturing activity sharply fell amid incurring the highest reciprocal tariff in Asia at 46%, with HSBC forecasting the economy to be hit by the worst slowdown if additional levies ensue.

Japan, Taiwan, and Korea also experienced large export order declines, the research firm said.

The global PMI contracted to 49.8 in March, with the weakness mostly focused in Asia and developed economies seeing a mild uptick, HSBC said.