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Singapore PMI February 2024

Singapore: Singapore manufacturing PMI ticks down in February

The Singapore Institute of Purchasing and Materials Management (SIPMM) Manufacturing PMI declined to 50.6 in February from 50.7 in January. As a result, the index remained above the 50.0 no-change threshold, although it signaled a softer improvement in manufacturing sector operating conditions compared to the previous month. Likewise, the electronics PMI fell to 50.4 in February (January: 50.6), remaining above the 50.0 no-change threshold but signaling a weaker improvement in the subsector.

February’s slower expansion was primarily due to a deceleration in new orders, new exports, output and employment. Factors like the shorter month and the Lunar New Year holidays, along with ongoing supply delays, also contributed to February’s softer rise. However, the dip was somewhat mitigated by a quicker increase in input purchases.

Commenting on the release, UOB’s Alvin Liew and Jester Koh stated:

“In 2024, the year-on-year recovery in industrial production will be partly driven by base effects given the downturn in 2023 but sequential momentum could remain fundamentally weak in H1 2024 as external demand continues to be weighed down by tight financial conditions stemming from an elevated interest rate environment in the US/EU while ongoing stresses in the property sector in China could dampen consumer and business sentiment.”

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