Moderating growth in the new orders, exports, factory output, inventory and employment level dragged monthly figures.
Singapore’s purchasing manager’s index (PMI) continued on its steady downtrend after declining 0.5 point in April from March to a slower expansion at 50.3, according to a report by Singapore Institute of Purchasing and Materials Management (SIPMM).
The weak reading was attributed to moderating growth recorded in the new orders, new exports, factory output, inventory, and employment level. Slowing rates in expansion were also observed in the indexes of finished goods and imports.
Despite the decline in reading, the manufacturing PMI has also marked its 32nd month of consecutive expansion.
Input prices index reverted to a contraction after posting a first-time expansion in the previous month. The order backlog index continued to contract for the 7th consecutive month. SIPMM noted that manufacturers are facing increased pressures due to global uncertainties.
On the other hand, the supplier deliveries index recorded a faster rate of expansion.
The electronics sector PMI dipped by 0.3 points as compared to its index in March to a further contraction at 49.5. April is marked as the sector’s 6th consecutive month of decline, also attributed to weaker readings in new orders, new exports, factory output, inventory, and employment level.
The finished goods index posted a slower rate of expansion, whereas the supplier deliveries index posted a faster rate of expansion. Imports index posted a slower rate of contraction, and the input prices index posted a first-time contraction.
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