Singapore's tech PMI edged up by a tame 0.2 points

But it's on track for double-digit growth.

According to CIMB, while Singapore’s Nov PMI bucked the sequential improvements in the other parts of Asia, its tech PMI, fortunately, did not.

Here's more:

While overall PMI may have slipped last month, it is encouraging that the tech PMI edged higher. Its modest improvement (+0.2 pt to 51.2) was led by New Export Orders (+0.4 pt to 52.6) as well as Imports (+0.8 pt to 51.7).

They offset weaker Output (-0.5 pt to 52.7), and Backlog Orders (-3.5 pts to 49.6). Orders-to-Inventory dipped to 1.05x from 1.07x the month before, spelling some downside for the tech PMI next month when taken together with the dip in Backlog Orders, a reflection of tech’s still-patchy recovery.

The good news is that supported by a very undemanding year-ago base when tech’s industrial production (IP) contracted almost 11% yoy, tech IP is on track for double-digit annual growth in 4Q13.

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