Singapore's manufacturing PMI falls to 50.5 in February
Singapore Institute of Purchasing and Materials Management (SIPMM) announced on Tuesday that the Singapore purchasing managers' index (PMI), an early indicator of manufacturing activity, decreased from 50.7 in January to 50.5 in February, Trend reports citing Xinhua.
This is the eighth month of expansion for Singapore's overall manufacturing sector. The decrease in PMI reading indicates the expansion in February is slower than in January.
A PMI reading above 50 indicates expansion, while a reading below 50 indicates contraction.
Meanwhile, the PMI of Singapore's electronics industry posted a dip of 0.2 points from the previous month to record a slower expansion at 50.8 in February. This is the seventh month of expansion for the electronics industry.
Sophia Poh, SIPMM vice-president of Industry Engagement and Development, was quoted by the Straits Times as saying that the supply chain operating environment, which first weakened in the second quarter of last year, has since improved.
"Manufacturers are looking to a brighter outlook with minimal disruption to global supply chains as countries worldwide, including Singapore, started to roll out their vaccination programmes," she said.