Tech tailwinds push manufacturing PMI to 50.5 in January

Sustained demand for AI-related chips and memory products fueled the uptick.

Singapore’s purchasing managers’ index (PMI) rose to 50.5 in January, up by 0.2 month-on-month, according to the Singapore Institute of Purchasing and Materials Management (SIPMM).

The latest reading marks the sixth consecutive month of expansion for the manufacturing sector, the report said.

The improvement was attributed to stronger expansion in new orders, new exports, and factory output.

“The latest PMI readings point to a continued positive outlook for the manufacturing sector, underpinned by strong demand for AI-related chips and memory products,” SIPMM said.

However, manufacturers faced capacity constraints and supply chain challenges. Ongoing avoidance of the Red Sea and Suez Canal routes has led to longer transit times and slower turnaround schedules.

The supplier deliveries index reverted to contraction after two consecutive months of moderation, indicating longer delivery times.

Meanwhile, imports and input prices expanded at a faster rate, whilst the order backlog index returned to expansion.

In contrast, the finished goods index moved into contraction territory.

The future business index remained in expansion for the third consecutive month, indicating continued business optimism among manufacturers.

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