FX.co ★ Singapore Manufacturing Activity Edges Up in July

Singapore’s Manufacturing PMI inched up to 51.4 in July 2026 from 51.3 in June, marking a 12th straight month of expansion and the highest level since November 2018, underpinned by the ongoing AI-driven semiconductor boom. Growth in new orders, export demand, input purchases, and employment all strengthened, although factory output expanded at a slightly slower pace (50.8 vs. 51.1). Supplier deliveries remained strained, with the index slipping to 47.8 from 48.3, signaling a seventh consecutive month of longer lead times amid worsening supply chain disruptions following the collapse of the Middle East ceasefire. Meanwhile, the Electronics PMI—representing more than one-third of total manufacturing output—rose to 52.4 from 52.2, also buoyed by AI-related demand. The future business index stayed in expansionary territory, highlighting manufacturers’ sustained confidence in the business outlook.