Singapore manufacturing posts faster expansion in March

Thanks to higher new orders and new exports.

The March reading of the Singapore Purchasing Managers’ Index (PMI) recorded an increase of 0.3 point from the previous month to record a faster expansion rate at 51.2.

According to the latest figures from Singapore Institute of Purchasing & Materials Management (SIPMM), this is due to higher new orders and new exports, higher factory output, as well as higher inventory and employment.

The manufacturing sector have now recorded its 7th month of consecutive expansion, with all indicators showing faster expansion except for the slower rate recorded in finished goods and order backlog.

"Manufacturing employment continued to remain on the expansion track albeit marginally for the third month, and this could signal employment stabilisation. The latest readings of the PMI indicated that the local manufacturing sector has managed to sustain gradual growth despite uncertainties in the global environment," noted SIPMM.

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