Singapore: Manufacturing and electronics PMIs dip in March
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 March, but remained within expansionary terrain.
The manufacturing PMI clocked in at 50.1 in March, slightly down from the 50.2 reading in February but remaining above the 50-point threshold that separates expansion from contraction in the sector. The reading marked the 21th consecutive month of expansion in the manufacturing sector.
Meanwhile, the electronics PMI inched down to 50.4 in March from 50.5 in February, logging the 20th consecutive month of expansion for the sector.
Commenting on the readings, Sophia Poh, vice president at SIPMM, noted:
“The overall manufacturing sector has ended the first quarter with growth moderation, amid slowing growth in the electronics sector. The continuing Russia-Ukraine conflict has clouded the outlook of the manufacturing sector, with greater concern on the rising energy cost and supply disruptions, coupled with increased inflationary pressures.”