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Singapore’s electronics sector shrinks after two years of expansion

Singapore’s manufacturing sentiment fell in August to its lowest point in two years, with the Purchasing Managers’ Index (PMI) for the electronics sector recording the sharpest contraction after 24 consecutive months of expansion.
Singapore’s electronics sector shrinks after two years of expansion ảnh 1Illustrative image (Photo: https://www.businesstimes.com.sg/)
Singapore (VNA) – Singapore’s manufacturingsentiment fell in August to its lowest point in two years, with the PurchasingManagers’ Index (PMI) for the electronics sector recording the sharpestcontraction after 24 consecutive months of expansion.

According to the Singapore Institute of Purchasing and Materials Management(SIPMM), Singapore's electronics sector PMI decreased by 0.9 points fromJuly to 49.6 in August, making the country’s PMI edge down 0.1 points from the previous month to remain onexpansion at 50.

The result was attributed to a contraction in the key indicesof new orders, new exports, output and inventory, SIPMM said.

UOB senior economist Alvin Liew said Singapore's electronicsector PMI was displaying the same pattern of slowdown seen in the Republic ofKorea and Taiwan (China), both electronics production powerhouses.

Meanwhile, chiefeconomist at OCBC Bank Selena Ling said although manufacturing PMI recorded its26th consecutive month of expansion, the signs are not encouraging and achallenging road is lying ahead.

Economists said a potentially much slower electronics performance and weakerdemand from North Asian economies could increasingly weigh on non-oil domesticexports momentum and domestic manufacturing demand./.
VNA
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