PMI slips to 50.5 in April

It dipped by 0.2 points from March.

The Purchasing Managers' Index (PMI) eased slightly by 0.2 points to 50.5 in April but remained in expansionary territory.

According to UOB Macro, declines in sub-indices for new orders, new export orders, and output drove the softening of PMI.

The firm added near-term challenges persist for the manufacturing sector due to external demand pressures amidst a global interest rate environment.

Electronics PMI also improved in April, increasing by 0.1 points to 50.9, marking its sixth consecutive above-50 print.

The supplier deliveries sub-index also improved by 0.5 points to 50.4 in April, an indication of easing supply chain pressures.

UOB retains a positive outlook for Singapore's manufacturing sector, especially electronics.

Supportive base effects in the second and third quarters of 2024 and intact demand fundamentals driven by generative AI-related applications will drive growth.

Additionally, the anticipated relaxation of financial conditions as major central banks reduce policy rates could further support global investment and consumption activity.

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