FX.co ★ Singapore Private Sector Growth at 5-Month High

The S&P Global Singapore PMI climbed to 52.8 in April 2025, a slight rise from March's 52.7, reaching its highest value since last November, primarily driven by an increase in new work inflows. Output and new order growth accelerated for the second consecutive month, marking the fastest pace since the previous year, with a noticeable upswing in orders from the US as clients rushed to place orders ahead of impending higher tariffs. The increase in new business volumes spurred further expansion in purchasing activities, with stocks of purchases also growing in tandem with input buying. Conversely, employment saw its fifth consecutive month of decline, as optimism about future activity waned, reflected by a significant increase in the backlog of work. On the pricing front, input cost inflation eased to its lowest level since August 2021, thanks to a reduction in purchase price inflation. Concurrently, output prices dropped for the first time since January 2021, as efforts were made to bolster sales. Overall, sentiment remained positive despite ongoing concerns surrounding trade and global growth prospects.