Malaysia has been named the world's top manufacturing location, according to the latest index compiled by property consultancy Cushman & Wakefield.

The index ranked the 30 countries with the largest manufacturing output in terms of the costs, risks and conditions within each country's manufacturing sector.

Malaysia "scored well in the costs and risks categories and is one of the least expensive locations within the index", noted Cushman & Wakefield.

The top five countries in the index are all from Asia. Ranked just below Malaysia were Taiwan, South Korea, Thailand and China.

Singapore was not among the 30 largest manufacturing countries but ranked sixth in a separate index of "high-growth locations".

It was overtaken by Estonia, Vietnam, Lithuania, the Philippines and Costa Rica.

These high-growth countries offer some comparative advantage due to their location or size, but "are clearly not significant manufacturing locations in terms of output", said Cushman & Wakefield.

"However, with manufacturing companies increasingly focusing more on emerging markets for expansion, it may be that the locations below will experience higher growth and become a hub for manufacturing activity in the future."

Cushman & Wakefield's manufacturing location indices aim to highlight the numerous factors that manufacturing companies must consider when either expanding their business or relocating their existing operations.