Singapore's Manufacturing Activity Expansion Slowed in February
|03/02/2021 | 08:14am|
By Ronnie Harui
SINGAPORE--Singapore's manufacturing activity expanded at a slower pace in February, owing to reduced growth in new orders, new exports and factory output, and a faster rate of suppliers' deliveries.
The city-state's purchasing managers index declined to 50.5 in February from 50.7 in January, the Singapore Institute of Purchasing and Materials Management said Tuesday. This still marked the eighth straight month of expansion for the overall manufacturing sector. A PMI reading above 50 indicates an expansion in manufacturing.
"The supply chain operating environment which first weakened in the second quarter last year has improved," said Sophia Poh, SIPMM vice president of industry engagement and development. "Manufacturers are looking to a brighter outlook with minimal disruption to global supply chains as countries world-wide, including Singapore, started to roll out their vaccination programmes."
The PMI for electronics, which accounts for about one-third of Singapore's manufacturing, fell to 50.8 in February from 51.0 in January. The February reading stemmed from slower expansion of new orders, new exports, factory output and inventory, the institute said.
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(END) Dow Jones Newswires