Singapore's manufacturing sector grows at faster pace in March

SINGAPORE'S manufacturing sector expanded at a faster pace in March, as it marks its seventh consecutive month of expansion.

The Purchasing Managers' Index - a leading economic indicator - showed a 51.2 reading, an increase of 0.3 point from February's reading of 50.9, based on data released by the Singapore Institute of Purchasing & Materials Management (SIPMM) on Monday.

The pick-up was due to higher levels of new orders, new exports, factory output, inventory and employment.

Finished goods and order backlog, however, showed slower expansion.

The PMI for the electronics sector stood at 51.8 - up 0.4 point from the previous month due to higher levels of electronic factory output, new orders, new exports, and inventory.

SIPMM said: "Manufacturing employment continued to remain on the expansion track albeit marginally for the third month, and this could signal employment stabilisation.

"The latest readings of the PMI indicated that the local manufacturing sector has managed to sustain gradual growth despite uncertainties in the global environment."