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Singapore PMI May 2024

Singapore: Manufacturing PMI rises in May

The Singapore Institute of Purchasing and Materials Management (SIPMM) Manufacturing PMI rose to 50.6 in May from 50.5 in April. As a result, the index moved further above the 50.0 no-change threshold and signaled a faster improvement in manufacturing-sector operating conditions compared to the previous month. Meanwhile, the electronics PMI rose to 51.1 in May (April: 50.9), moving further above the 50.0 no-change threshold and signaling improved momentum in the sector.

The slight increase in the May PMI was driven by faster expansions in new orders, new exports, factory output and input purchases. However, the employment index expanded at a slower pace. Meanwhile, the supplier deliveries index expanded for the second consecutive month.

Concerning prices and business sentiment, the report highlighted a contraction in input prices for the first time. In addition, despite ongoing global uncertainties, including geopolitical conflict and the risk of high inflation in advanced economies, the outlook for the manufacturing sector remains positive. This optimism is underscored by the expansion of the future business index for the eleventh consecutive month in May.

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