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Singapore PMI November 2022

Singapore: Manufacturing and electronics PMIs decrease in October

The Purchasing Managers Indices (PMIs)—produced by the Singapore Institute of Purchasing and Materials Management (SIPMM)—for the manufacturing sector dipped in October, as did the electronics PMI.

The manufacturing PMI clocked in at 49.7 in October, slightly down from the 49.9 reading in September and moving further below the 50-point threshold that separates expansion from contraction in the sector.

Meanwhile, the electronics PMI fell to 49.1 in October from 49.4 in September.

Commenting on the readings, Alvin Liew, senior economist at UOB, noted:

“The latest dip in Sep PMI and the back-to-back contraction in electronics PMI painted a consistent picture from what we saw in the latest NODX and manufacturing data. We are cautiously positive on the outlook for transport engineering, general manufacturing, and precision engineering, to drive overall manufacturing growth (which will provide some support to overall PMI) but we see a weaker electronics performance and slowing demand from North Asian economies that could increasingly weigh on NODX momentum and manufacturing activity.”

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