Singapore: Manufacturing PMI moves further into contractionary territory in April
May 1, 2015
The manufacturing PMI produced by the Singapore Institute of Purchasing & Materials Management (SIPMM) inched down from 49.6 in March to 49.4 in April. The index has been on a downward trend since recording a multi-year-high of 51.9 in October of last year. April’s print marks the fifth consecutive reading below the 50-threshold that separates contraction from expansion in the manufacturing sector and was the lowest reading in over two years.
April’s result reflected deteriorations in five of the nine sub-components that comprise the index. New exports orders, finished goods, imports, output and stock of purchases declined compared to the previous month. Conversely, the remaining four categories improved somewhat compared to March. The largest increases were registered in delivery times and input prices.
The electronics PMI decreased from 50.1 in March to 49.1 in April, returning to contractionary territory after only a month above the 50-threshold. This marked the lowest print since December 2012.
Author: Eric Denis , Economist