SINGAPORE, Singapore Institute of Purchasing and Materials Management (SIPMM) said on Monday that Singapore’s purchasing managers’ index (PMI), an early indicator of manufacturing activity, posted a marginal increase of 0.1 points from 50.4 in November 2020 to 50.5 in December 2020.
This is the sixth month of expansion for the overall manufacturing sector in Singapore, SIPMM said.
A PMI reading of 50 and above indicates expansion, while a reading below 50 indicates contraction.
Meanwhile, the PMI of Singapore’s electronics industry posted a marginal increase of 0.1 points from 51.1 to 51.2, the highest reading since September 2018 when the reading was 51.4. This is the fifth month of expansion for the electronics industry.
Sophia Poh, SIPMM vice-president of Industry Engagement and Development, was quoted by the Straits Times as saying that the manufacturing sector is looking forward to a brighter outlook for the new year, even though it will take some time before wide-scale vaccination programs can be implemented globally.
Source: China – ASEAN Business Council