The Sino-US trade war and the electronics industry have fallen into a cycle low, which continues to drag down the prospects of local manufacturing. The Manufacturing Purchasing Managers Index (PMI) fell for the third consecutive month in November.
According to data released by the Singapore Institute of Purchasing and Logistics Management (SIPMM) tonight, the local manufacturing PMI fell 0.4% to 51.5 from 51.9 in October, the lowest level since July last year. Although performance has continued to decline, the manufacturing industry has been expanding for 27 consecutive months.
At the same time, the electronics industry PMI fell to 49.9 in November from 50.5 in October, the first time after 27 months of continuous expansion.
PMI is a measure of the future performance of the manufacturing industry. An index above 50 represents manufacturing expansion and below 50 represents a contraction.
In addition, Nikkei and the survey and financial information company IHS Markit also released the Nikkei ASEAN Manufacturing PMI survey this morning.
The Singapore manufacturing PMI is 47.4, which is in a state of contraction and is the lowest among the seven ASEAN countries. The report also listed Singapore's performance trend as a “steady decline”. In terms of the overall area, it has improved from shrinking to expansion, with 49.8 in October and 50.4 in November.