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Singapore's electronics sector PMI grows to 51.9

Posted: 02 Oct 2014 ?? ?Print Version ?Bookmark and Share

Keywords:PMI? electronics sector? new exports?

Singapore's electronics sector continues to expand for the 20th straight month, according to the latest index released by the Singapore Institute of Purchasing and Materials Management.

Xinhua News Agency reported that the purchasing managers' index (PMI) of Singapore's electronics sector rose to 51.9 in September, a 1.2-point increase from last month's score. Growth in new orders coming from both domestic and overseas markets contributed to the increase. Production output and inventory also registered continuous expansion and recorded higher readings.

Last August, the readings indicated slower growth in new orders from both domestic and overseas markets. Both the production output and inventory expanded, resulting in lower readings. Stockholdings of finished goods continued to expand and input prices moderated. Imports and employment also shrank for the first time in the electronics sector

This month's good showing of the said industry bolstered the overall PMI for Singapore's manufacturing economy, which rallied to a reading of 50.5, an increase of 0.8 points from that for August. Further expansion in new orders and first-time expansion in new export orders, production output and imports were the main drivers of the said growth.

A reading of the Singapore PMI above 50 indicates that the manufacturing economy is generally expanding, but when the PMI falls below 50, it indicates that the economy is declining..

The August reading of Singapore's PMI showed that the manufacturing economy contracted for the first time after having recorded seven consecutive months of expansion. At the time, the PMI posted a reading of only 49.7, declining 1.8 points over the previous month.

The decline in the overall PMI was attributed to lower levels in new orders, inventory and stockholdings of finished goods. The readings also recorded a first time shrinking in new export, orders and production output. Overall imports and employment reverted to contraction last month, whilst input prices continued to shrink for the third consecutive month.

One-fifth of Singapore's gross domestic product is attributed to its manufacturing sector.

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