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Singapore PMI February 2023

Singapore: Manufacturing PMI increases in February

The Singapore Institute of Purchasing and Materials Management (SIPMM) Manufacturing PMI came in at 50.0 in February, up from 49.8 in January. Consequently, the index was at the 50.0 no-change threshold, signaling no change in manufacturing sector operating conditions from the previous month. February’s reading broke a run of five consecutive months of deteriorating operating conditions.

The reading was driven by improved readings for new orders, new exports and factory output. Meanwhile, the electronics PMI rose from 49.1 in January to 49.3 in February.

On the February data, United Overseas Bank’s Alvin Liew said:

“Despite the recent improvements, we keep our view of weaker external demand and the electronics downcycle remaining in place, which are typically a bad combination for economies which are trade reliant with a significant share of manufacturing related to electronics, such as Singapore, South Korea and Taiwan. We expect the PMIs for Singapore to return to contraction territory in the subsequent months and the weakness may linger in 1H 2023.”

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