Singapore: Manufacturing PMI rises in May
Latest reading: The Singapore Institute of Purchasing and Materials Management (SIPMM) Manufacturing PMI rose to 51.0 in May from 50.7 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, as the market had expected. Meanwhile, the electronics PMI rose to 51.9 in May (April: 51.7).
The latest PMI reading was driven by stronger expansion in new orders, new exports, factory output, input purchases and employment. Moreover, imports, input prices, order backlogs and future business recorded stronger growth. Meanwhile, supplier delivery times lengthened for the fifth consecutive month, pointing to persistent supply chain constraints.
Firms’ sentiment remained positive, underpinned by robust demand from the AI-driven technology upcycle, which continued to support the broader manufacturing outlook. That said, rising input costs and slower supplier deliveries continued to weigh on margins and operational efficiency.