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Singapore’s factory activity expands for 19th month in January but at slower pace

SINGAPORE: Singapore’s factory activity in January expanded for the 19th consecutive month, but at a slower price than the earlier month.

The Purchasing Managers’ Index (PMI) in January fell to 50.6 from 50.7, based on information launched by the Singapore Institute of Purchasing and Materials Management (SIPMM) on Thursday (Feb 3).

A PMI studying above 50 signifies that the manufacturing financial system is usually increasing, whereas a determine beneath that threshold factors to contraction.

SIPMM attributed the most recent PMI studying to slower enlargement charges in the important thing indexes of latest orders, new exports, factory output, stock and employment.

“The indexes of both finished goods and input prices posted faster expansion rates, whereas slower rates of expansion were recorded for the indexes of imports, supplier deliveries and order backlog,” the institute mentioned.

“The supplier deliveries index continues to post nine months of expansion, but it appears to moderate, amid rising concerns of supply disruption due to the pandemic restriction.”

SIPMM vp for trade engagement and improvement Sophia Poh mentioned that there’s optimism amongst producers in Singapore regardless of uncertainty led to by the COVID-19 pandemic and geopolitical points.

“The manufacturing sector braces for the new year with uncertainties arising from new COVID-19 variants, and the geopolitical developments that can disrupt supply chains,” she mentioned.

“Nonetheless, local manufacturers remain cautiously optimistic that growth will continue in the new year, and that the sector is well positioned to ride out the crisis.”

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