Singapore: Manufacturing and electronics PMIs dip in February
The Purchasing Managers’ Indices (PMIs)—produced by the Singapore Institute of Purchasing and Materials Management (SIPMM)—for the manufacturing and electronics sectors both ebbed slightly in February, but remained within expansionary terrain as they continued to recover from the pandemic’s negative impact.
The manufacturing PMI clocked in at 50.2 in February, slightly down from the 50.6 reading in January but remaining above the 50-point threshold that separates expansion from contraction in the sector. The reading marked the 20th consecutive month of expansion in the manufacturing sector and was likely driven by robust expansion rates in new orders, exports and factory output.
Meanwhile, the electronics PMI inched down to 50.5 in February from 50.8 in January, logging the 19th consecutive month of expansion for the sector.
Commenting on the readings, Sophia Poh, vice president at SIPMM, noted:
“February’s PMIs recorded lower readings due to the lunar new year holidays, as well as a shorter month. However, the Russia-Ukraine war has heightened concerns of greater cost pressures due to supply disruption and in addition to inflation. This has dampened the earlier cautious optimism of the manufacturing sector.”