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Singapore PMI October 2023

Singapore: Manufacturing PMI edges up in October

The Singapore Institute of Purchasing and Materials Management (SIPMM) Manufacturing PMI rose to 50.2 in October from 50.1 in September. Consequently, the index moved further above the 50.0 no-change threshold, signaling a slightly stronger improvement in manufacturing sector operating conditions compared to the previous month. Meanwhile, the electronics PMI inched up to 49.9 in October from 49.8 in September. Despite the uptick, the subindex remained below the 50.0 no-change threshold and signaled prolonged malaise in the sector.

The headline print marked the second consecutive improvement in operating conditions, suggesting the manufacturing sector’s recovery might be gathering pace. October’s reading was boosted by stronger output, export demand and employment metrics. However, still-downbeat new orders and delivery times weighed on the overall index. Meanwhile, the electronics sector continued to struggle, likely due to unsupportive global dynamics.

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