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Singapore PMI November 2023

Singapore: Manufacturing PMI improves to a 17-month high

The Singapore Institute of Purchasing and Materials Management (SIPMM) Manufacturing PMI inched up to 50.3 in November from 50.2 in October. Consequently, the index moved further above the 50.0 no-change threshold, signaling a marginally stronger improvement in manufacturing-sector operating conditions compared to the previous month. Meanwhile, the electronics PMI rose to 50.1 in November from 49.9 in October, emerging above the 50.0 no-change threshold for the first time in 16 months and signaling improving momentum in the sector.

The headline print marked the third consecutive improvement in operating conditions, suggesting the manufacturing sector’s recovery might be strengthening. November’s uptick stemmed from stronger output growth, new orders and export demand. In addition, employment levels improved for the third month running. Less positively, delivery times remained weak and weighed on the overall index.

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