Singapore's manufacturing sector deteriorated marginally after stabilizing in the previous month amid continuing contraction in the electronics sector, the results of the latest purchasing managers' survey by the Singapore Institute of Purchasing and Materials Management, or SIPMM, showed Tuesday.
The purchasing managers' index for the factory sector dropped marginally to 49.9 in March from 50.0 in February. Any reading below 50 suggests contraction, while a score above 50 indicates expansion in the sector.
In the latest PMI reading, factory output and supplier deliveries moderated, new orders contracted, inventory contraction slowed, and new exports contracted faster.
The electronics sector PMI edged up 0.1 point from the previous month to post yet another slower contraction at 49.4 in March versus 49.3 in February.
"The recent western bank crisis has ratcheted up fears of a contagion and dampened demand in the global markets," Stephen Poh, executive director at SIPMM, said.
"Nonetheless, Singapore manufacturers were hopeful that China's reopening could have a positive impact on growth in the near term."
