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Singapore PMI January 2024

Singapore: Manufacturing PMI strengthens further in January

The Singapore Institute of Purchasing and Materials Management (SIPMM) Manufacturing PMI rose to 50.7 in January from 50.5 in December. Consequently, the index moved further above the 50.0 no-change threshold, signaling a stronger improvement in manufacturing-sector operating conditions compared to the previous month. Meanwhile, the electronics PMI rose to 50.6 in January (December: 50.2), rising further above the 50.0 no-change threshold and signaling improving momentum in the sector.

Conditions in the manufacturing sector overall improved on stronger growth in export demand, new orders and inventories. Meanwhile, output and employment continued to rise but at a slower pace than in December. Lastly, delivery times remained poor and weighed on the overall index.

Alvin Liew and Jester Koh, analysts at UOB, commented on the outlook for the manufacturing sector in 2024:

“Towards the middle of 2024, signs of a broader recovery in manufacturing could emerge as central banks in major advanced economies may begin to lower policy rates as inflation in their respective economies moderate […], with the consequent easing of financial conditions supporting consumption and investment activity, implying a gradual recovery in external demand.”

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