Singapore PMI edges lower by 0.1 in June
The electronics industry posted a strong performance last month.
The Purchasing Managers’ Index (PMI) edged down 0.1 point in June 2022 from May 2022 after posting slightly slower expansion at 50.3, according to the Singapore Institute of Purchasing and Materials Management (SIPMM).
Data also indicated that the manufacturing industry reported 24 consecutive months of expansion.
The electronics sector went up by 0.3 points from May 2022, with a faster expansion rate of 50.8. It also documented 23 consecutive months of expansion.
With this, Sophia Poh, SIPMM vice president for industry engagement and development, said the latest PMI reading indicates strong performance for the electronics segment.
“This positive outlook is heartening, considering several headwinds facing the Singapore economy, and primarily due to the continuing Russia-Ukraine conflict,” Poh added.
For his part, UOB senior economist Alvin Liew said that the electronics PMI was in line with improved trade and manufacturing figures released by the government.
"We continue to stay positive in our outlook for Singapore’s manufacturing sector (in particular, electronics) as it remains a key economic support pillar for the overall economy and for job creation. That said, we are mindful of the external risks due to the on-going Russia-Ukraine conflict and COVID-19 related supply chain disruptions," said Liew.
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