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Singapore manufacturing and electronics PMI index drop in February

The manufacturing and electronics PMIs of Singapore both dropped in the month of February, but they remained in expansionary territory. Manufacturing PMI index dropped by 0.4 points to 52.7, while electronics PMI dropped by 0.8 points to 52.1.

This was in contrast to market projections for a stable print. The electronics manufacturing was the main drag, with non-electronics manufacturing sectors also easing, according to SIPMM. The contributing factors for the manufacturing PMI pullback were lower factory output, new orders, new exports, imports and order backlogs.

While some moderation in the overall manufacturing and electronics growth rate had been expected for a while, the outstanding industrial production data for January could have contributed to some frontloading ahead of the Chinese New Year festive season and moderation thereafter. Similarly, it comes as no surprise that the electronics PMI also recorded an 8-month low of 52.1 in February, down from 52.9 in January, amidst slower growth in new orders, new export orders, output and imports.

The domestic PMI readings come in the midst of mixed Asian manufacturing PMIs.  The double-digit growth in January 2018 manufacturing output is unlikely to sustain.

“Our 1Q18 and full-year manufacturing growth is estimated at a still healthy pace of 6.7 percent yoy and 4.9 percent yoy respectively”, noted Selena Ling, Head of Treasury Research & Strategy, OCBC Bank.

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