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Singapore manufacturing expands for 6th successive month in February, albeit slower
SINGAPORE'S manufacturing sector continues to expand in February for the sixth consecutive month, albeit at a marginally slower rate, based on data released by the Singapore Institute of Purchasing & Materials Management (SIPMM) on Thursday.
The Purchasing Managers' Index (PMI) stood at 50.9 - a marginal dip of 0.1 point due to slower expansion rate in factory output, new orders, new exports and lower imports.
The electronics sector PMI also saw a dip of 0.4 point from the previous month to 51.4, even as it extends its expansion trajectory for the seventh consecutive month.
The slower expansion was due to a 0.6 point decline in factory output as well as a lagging growth rate in new orders, new exports, imports and employment.
Inventory and stock of finished goods recorded a slightly faster rate of expansion while the electronics order backlog index maintained expansion reading for the second month, and supplier deliveries reverted from contraction to a moderation.
The latest readings of the electronics sector indicated a strengthening growth in the months ahead, SIPMM said.