Singapore: Manufacturing PMI dips in May
The manufacturing PMI produced by the Singapore Institute of Purchasing and Materials Management (SIPMM) decreased marginally from 52.9 in April from 52.7 in May, remaining above the crucial 50-point mark that separates expansion from contraction in Singapore’s manufacturing sector and logging a 21th consecutive month of expansion. The manufacturing PMI has remained fairly stable over the last eight months. May’s result reflected slightly slower growth in new orders, new exports, factory output, inventory and employment compared to the prior month.
The electronics PMI edged up slightly to 52.3, from 52.2 in April, but has now tracked below the manufacturing PMI for five consecutive months. The increase was driven by faster growth in factory output, new orders and new exports.
According to the Singapore Institute of Purchasing and Materials Management, “Anecdotal evidence suggests that despite concerns amongst electronics manufacturers about a possible global trade war, several firms are developing their digital capabilities for high-value manufacturing.”