Singapore: Manufacturing and electronics PMIs in expansionary territory in March
April 6, 2021
The Purchasing Managers’ Indices (PMIs)—produced by the Singapore Institute of Purchasing and Materials Management (SIPMM)—for the manufacturing and electronics sectors had divergent months in March, but both remained in expansionary territory as the two sectors continued to gradually recover after falling to the lowest levels in over a decade in April 2020 due to the coronavirus pandemic.
The manufacturing PMI rose slightly to 50.8 in March from 50.5 in February, thus moving further above the 50-point threshold that separates expansion from contraction in the sector and marking the ninth consecutive month of expansion in the manufacturing sector. The higher reading was attributed to faster growth in new orders, exports and employment.
Contrastingly, the electronics PMI decreased marginally to 50.6 points in March from 50.8 in January, and thus fell to its lowest level in seven months amid slower growth in output and exports.
Author: Stephen Vogado, Economist