June manufacturing PMI hits nearly eight-year high at 51.3

AI-driven chip demand continued to support production and order inflows.

Singapore’s Purchasing Managers’ Index (PMI) rose 0.3 point from the previous month to 51.3 in June, its highest level since November 2018.

The reading marked the 10th consecutive month of expansion, according to the Singapore Institute of Purchasing and Materials Management (SIPMM).

The improvement was attributed to stronger growth in new orders, exports, factory output, input purchases, and employment.

“The latest PMI readings indicate that Singapore's manufacturing sector continues to benefit from the artificial intelligence-driven semiconductor super-cycle,” said SIPMM executive director Stephen Poh.

Imports, order backlog, and future business recorded stronger growth in June. The future business index remained in expansion territory for the eighth consecutive month.

Meanwhile, input prices grew at a slower pace, whilst the finished goods index reverted to contraction.

Supplier deliveries contracted at a faster pace for the sixth consecutive month, indicating longer lead times and continued supply chain constraints.

Poh said that ongoing Middle East tensions continued to disrupt global supply chains, leading to slower supplier deliveries and longer lead times.

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