Singapore’s manufacturing activity expanded at a faster pace in April
By Ronnie Harui
SINGAPORE – Singapore’s manufacturing activity grew at a faster pace in April on faster growth in new orders, new exports, manufacturing output and employment, as well as a slower contraction in stocks.
The city-state’s Purchasing Managers’ Index rose to 50.3 in April from 50.1 in March, Singapore’s Institute of Materials Purchasing and Management said on Wednesday. The reading was above the 50 threshold indicating expansion and marked the 22nd straight month of growth.
“The latest PMI readings bode well for the manufacturing sector despite several challenges in global markets,” said Sophia Poh, vice president of industry engagement and development at SIPMM.
“There doesn’t appear to be an end in sight to the Russian-Ukrainian conflict, and local manufacturers are increasingly concerned about rising energy costs, supply disruptions and inflationary pressures,” he said. she declared.
Input prices continued their upward trend, hitting 52.1 in April, the highest since October 2013, the data showed. Intermediate consumption prices stood at 51.9 in March.
The PMI for electronics, which accounts for about a third of Singapore’s manufacturing industry, rose to 50.7 in April from 50.4 in March.
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