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Singapore PMI March 2024

Singapore: March manufacturing PMI shows businesses optimistic

The Singapore Institute of Purchasing and Materials Management (SIPMM) Manufacturing PMI rose to 50.7 in March from 50.6 in February. As a result, the index moved further above the 50.0 no-change threshold and signaled a slightly faster improvement in manufacturing sector operating conditions compared to the previous month. Meanwhile, the electronics PMI rose to 50.8 in March (February: 50.4), moving further above the 50.0 no-change threshold and signaling improved momentum in the sector.

The increase in the manufacturing PMI was primarily driven by faster expansions in new orders, new exports, output, input purchases, and employment. Additionally, the indexes for finished goods and order backlog also recorded faster expansion rates. The supplier deliveries index continued to contract but at a slower rate.

Regarding prices and business sentiment, input prices rose at a slower rate, while the future business index expanded for the ninth consecutive month, signaling underlying optimism among manufacturers.

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