PMI slows in April to 49.6

The decline marks the first contraction after 19 months of expansion.

The Purchasing Managers’ Index (PMI) fell by one point in April from the previous month to 49.6, signaling a contraction for the overall manufacturing sector for the first time after 19 consecutive months of expansion.

According to the Singapore Institute of Purchasing and Materials Management (SIPMM), the downturn was due to a first-time contraction in the key indexes of new orders, factory output, future business, and employment.

In addition, the indexes of new exports, imports, and input purchases recorded slower expansion.

In contrast, the indexes of supplier deliveries finished goods, and order backlog posted a faster expansion rate.

“The US reciprocal tariffs have started to take a toll on the local manufacturing sector as evidenced by the Singapore PMI, which reverted to a contraction reading after posting 19 months of expansion. Local manufacturers reported order deferments and cancellations from foreign buyers who were greatly affected by the high reciprocal tariffs,” Stephen Poh, executive director of SIPMM said.

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