Singapore’s manufacturing industry has been expanding for two consecutive years
International Business News – Singapore School of Procurement and Logistics Management (SIPMM) recently released the latest procurement manager index (PMI) data showed that in June, Singapore Manufacturing Manager Index (PMI) was 50.3, compared with 50.4 slightly compared decline.
It was the 24th consecutive month the index has been above 50. That means Singapore’s manufacturing sector has expanded for 24 months in a row.
On the other hand, in June, Singapore electronics manufacturing PMI rose 0.3 points to 50.8, which is the country’s electronics manufacturing industry in the 23rd consecutive month of expansion.
Singapore School of Procurement and Logistics Management said that in June, new orders, new exports, factory output, the three indicators continue to be in an expansionary position and have improved, inventory indicators and supplier delivery time indicators are also still in an expansionary position, so the overall manufacturing PMI for the month remained above the 50-point withered flourish line. The PMI of the electronics manufacturing industry rose because the key indicators such as new orders and new exports in an expansionary position were improved, while the inventory indicator and supplier delivery time indicator in a shrinking position rebounded.
Singapore’s overall manufacturing sector continued to expand in the first half of 2022, while electronics manufacturing performed strongly in June, said the vice-president of the Vice President of Singapore’s School of Procurement and Logistics Management. The positive outlook is encouraging given that the Singapore economy is facing headwinds such as the impact of the geopolitical crisis.