The February reading of the Singapore Purchasing Managers’ Index (PMI) edged up 0.2 point from the previous month to post a moderation reading after 5 months of continuous contraction. The improved PMI reading was attributed to an improvement in the new orders index, an expansion in the factory output index, and a slower contraction in the new exports index. The Electronics Sector PMI recorded an increase of 0.2 point from the previous month to post yet another slower contraction at 49.3. The latest sector reading was attributed to a slower contraction in the key indexes of new orders, new exports, factory output, and inventory.
The latest PMI readings have provided a welcome respite for Singapore manufacturers, as the sector had been hit with dampening global demand, and the worsening macroeconomic risks of high inflation and interest. China’s lifting of strict Covid-19 restrictions have boosted demand and eased the supply situations, but geopolitical risks remain unabated in the global markets.
Ms Sophia Poh, Vice President, Industry Engagement & Development
| Month/Year | Singapore PMI | Electronics Sector PMI |
|---|---|---|
| February 2023 | 50.0 | 49.3 |
| January 2023 | 49.8 | 49.1 |
| December 2022 | 49.7 | 48.9 |
| November 2022 | 49.8 | 49.2 |
| October 2022 | 49.7 | 49.1 |
| September 2022 | 49.9 | 49.4 |
| August 2022 | 50.0 | 49.6 |
| July 2022 | 50.1 | 50.5 |
| June 2022 | 50.3 | 50.8 |
| May 2022 | 50.4 | 50.5 |
| April 2022 | 50.3 | 50.7 |
| March 2022 | 50.1 | 50.4 |
| February 2022 | 50.2 | 50.5 |
| January 2022 | 50.6 | 50.8 |
| December 2021 | 50.7 | 51.0 |
| November 2021 | 50.6 | 50.8 |
| October 2021 | 50.8 | 51.1 |
| September 2021 | 50.8 | 51.2 |
| August 2021 | 50.9 | 51.0 |
| July 2021 | 51.0 | 50.8 |
| June 2021 | 50.8 | 50.6 |
| May 2021 | 50.7 | 50.4 |
| April 2021 | 50.9 | 50.7 |
| March 2021 | 50.8 | 50.6 |
| February 2021 | 50.5 | 50.8 |
| January 2021 | 50.7 | 51.0 |
| December 2020 | 50.5 | 51.2 |
| November 2020 | 50.4 | 51.1 |
| October 2020 | 50.5 | 51.0 |
| September 2020 | 50.3 | 50.9 |
| August 2020 | 50.1 | 50.6 |
| July 2020 | 50.2 | 49.2 |
| June 2020 | 48.0 | 47.6 |
| May 2020 | 46.8 | 46.2 |
| April 2020 | 44.7 | 42.8 |
| March 2020 | 45.4 | 44.1 |
| February 2020 | 48.7 | 47.6 |
| January 2020 | 50.3 | 50.1 |
| December 2019 | 50.1 | 49.9 |
| November 2019 | 49.8 | 49.7 |
| October 2019 | 49.6 | 49.3 |
| September 2019 | 49.5 | 49.1 |
| August 2019 | 49.9 | 49.4 |
| July 2019 | 49.8 | 49.3 |
| June 2019 | 49.6 | 49.2 |
| May 2019 | 49.9 | 49.4 |
| April 2019 | 50.3 | 49.5 |
| March 2019 | 50.8 | 49.8 |
| February 2019 | 50.4 | 49.5 |
| January 2019 | 50.7 | 49.6 |
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Industry Engagement and Development of SIPMM
