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Singapore manufacturing PMI rises further in November, manufacturing growth likely to moderate

Singapore’s manufacturing and electronics PMIs improved in the month of November to 52.9 and 53.5, respectively. This is in contrast from October’s figures when the manufacturing PMI rebounded to 52.6, while the electronics PMI dropped to 53.3, implying that non-electronics might be the flagbearer, noted Selena Ling, Head of Treasury Research & Strategy, OCBC Bank.

The 52.9 reading of manufacturing PMI was the highest since December 2009 and the 15th consecutive month of growth. The increased was forecasted on higher new orders, new export orders, output inventory, imports and employment indicators. This is consistent with the rebounding manufacturing PMIs seen throughout Asia recently.

The November electronics PMI is the second highest print in 2017, slightly below the September reading of 53.6. The electronics PMI rose for the 16th straight month. The electronics output index dropped to 54.7 from 54.8, while electronics deliveries index dropped to 49.4 from 49.9. Meanwhile, the other indicators rose in November. SIPMM also cited anecdotal evidence from electronics manufacturers about continued business growth in 2018, implying that the electronics momentum should sustain in the near term, said Selena Ling.

“Looking ahead, we forecast 2018 manufacturing growth to moderate from around 10.6 percent yoy expected for 2017 to 4.9 percent yoy notwithstanding the high base seen in 2017”, added Selena Ling.

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