FX.co ★ Singapore Manufacturing at Near 2-Year Low

In April 2025, Singapore's Manufacturing Purchasing Managers' Index (PMI) declined to 49.6 from 50.6 in March, marking the first contraction after a period of 19 months of growth. This downturn was primarily attributed to the imposition of US tariffs, which resulted in a significant number of export order cancellations. Similarly, the electronics PMI, accounting for 40% of industrial output, experienced a contraction for the first time in 17 months. This decrease was the most pronounced since the early stages of the COVID-19 pandemic, highlighting a deterioration in external demand and rising trade uncertainty. Notably, crucial metrics such as new orders, production output, and employment levels also witnessed contractions.