Singapore skyline by night (Source :livetradingnews.com)Singapore (VNA) – Singapore’s purchasing managers’ index (PMI) in February 2016 was at 48.5, the lowest rate since December 2012.
It marked the eighth consecutive month Singapore’s PMI saw it fall below 50, showing manufacturing activity has reached its lowest level in three years.
Last month's decline was attributed to a further drop in new orders, factory output and employment as well as climbing inventory, said the Institute of Purchasing and Materials Management (SIPMM).
Meanwhile, the PMI of the electronics sector slipped to 48.2 in February from 48.5 in January.
According to Francis Tan, economic expert from the United Overseas Bank (UOB), China and its special administrative area of Hong Kong are currently Singapore’s biggest export partners, accounting for up to 12 percent of the city state’s total output.
Therefore, a decline in China’s PMI might influence Singapore’s exports in the time ahead. The bank said the country’s production will be weak in the next few months, but recovery could be seen in the last half of this year.-VNA
