Singapore's manufacturing PMI falls to 51.9 in October

Source: Xinhua| 2018-11-02 22:02:26|Editor: xuxin
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SINGAPORE, Nov. 2 (Xinhua) -- Singapore Institute of Purchasing and Materials Management (SIPMM) announced on Friday the country's purchasing managers' index (PMI), an early indicator of manufacturing activity, declined by 0.5 points to 51.9 for October.

It marks the 26th month of consecutive expansion of Singapore's manufacturing sector.

Meanwhile, the PMI of Singapore's electronics industry dropped from 51.4 to 50.5, marking the 27th month of consecutive expansion of Singapore's electronics industry.

A PMI reading of 50 and above indicates expansion, while a reading below 50 indicates contraction.

Selena Ling, Head of Treasury Research & Strategy of OCBC Bank, said the declines of PMI readings were dragged by the trade headwinds and moderating electronics momentum, as "global trade tensions have begun to bite."

She said the downside growth risks for Asia- Pacific's regional manufacturing and trade activities cannot be ignored in the interim, despite of the recent good news for trade tensions. As for Singapore, its manufacturing growth for the fourth quarter of this year is likely to be poised on a relatively lacklustre footing, and may soften further into the first quarter of 2019, Ling added.