FX.co ★ Singapore Manufacturing PMI Holds Expansion for Fourth Month

Singapore's Manufacturing Purchasing Managers' Index (PMI) increased by 0.2 points to 50.2 in November, up from 50.0 in October, marking the fourth consecutive month above the pivotal 50-point mark. This is the highest figure observed in eight months, indicating a steady expansion within the sector. The rise is primarily attributed to the electronics segment, which comprises approximately 40% of Singapore’s total manufacturing output. The electronics PMI itself advanced by 0.2 points to 50.6, marking the sixth consecutive month of growth. This expansion is fueled by strong demand for servers and components related to artificial intelligence (AI), alongside the benefits from U.S. tariff exemptions on electronic products. Although new orders and export orders have shown improvement since April, they remain below the levels observed in the first quarter, pre-dating the U.S. "Liberation Day" tariffs. Future-looking business indicators suggest that the sustained demand driven by AI could support Singapore's manufacturing growth robustly in the medium term.