Singapore: Manufacturing and electronics PMIs fall to over one-decade lows in April
May 5, 2020
Both the manufacturing and electronics Purchasing Managers’ Indexes (PMI) recorded their worst readings in over a decade in April as Singapore’s private-sector business conditions deteriorated on the back of fallout from Covid-19.
Conditions in the crucial electronics sector contracted at the steepest rate since December 2008 (April 2020: 42.8; March 2020: 44.1). This was chiefly due to falling new orders, exports and output. Turning to the manufacturing sector, operating conditions worsened for the third month running, with the sector’s PMI falling to 44.7 in April from 45.4 in March and marking the lowest reading since November 2008. Government-imposed restrictions and the lockdown abroad weighed on the sector.
Author: Jan Lammersen, Economist