SINGAPORE: Singapore’s manufacturing sector expanded for the 19th consecutive month in March, according to data released by the Singapore Institute of Purchasing and Materials Management (SIPMM) on Monday (Apr 2).
The Purchasing Managers’ Index (PMI) – an early indicator of manufacturing activity – came in at 53.0, a 0.3 point increase from the previous month.
A PMI reading above 50 indicates that the manufacturing economy is generally expanding, while a reading below 50 indicates that it is generally declining.
The institute attributed the PMI reading to faster growth in factory output, as well as higher new orders and new exports. The new orders index of 54.9 was also the highest reading since December 2009 when the reading was 56.5.
SIPMM noted that the higher PMI reading was broad-based across most manufacturing sectors, indicating the resilience of the sectors.
The indicators of inventory, finished good stocks, imports, order backlog and supplier deliveries recorded a faster rate of expansion, whereas both input prices and employment recorded a slower rate of expansion.
Meanwhile, the electronics sector recorded its 20th month of consecutive expansion at 52.4 with a 0.3 point increase from the previous month.
The higher PMI reading was attributed to a faster expansion in factory output, inventory, new orders and new exports.
SIPMM said the electronics inventory index of 54.9 posted the highest reading since April 2011 when the reading was 57.4.