SINGAPORE: Singapore's factory activity increased for the 22nd consecutive month in April despite several challenges in the global markets, according to data released on Wednesday by the Singapore Institute of Purchasing and Materials Management SIPMM.
The Purchasing Managers Index PMI rose 0.2 points from the previous month to 50.3 in April, said SIPMM.
A PMI reading above 50 indicates that the manufacturing economy is generally expanding, while a figure below that threshold points to contraction.
The latest reading was attributed to faster expansion rates in key indexes of new orders, new exports, factory output and employment, as well as a slower contraction rate in the inventory index.
The imports, inputs and order backlog indexes posted faster expansion rates, while the supplier deliveries index posted a slower expansion rate, said the institute.
It added that the finished goods index posted a slightly faster contraction rate.
The input prices index posted a reading of 52.1, as part of its upward trend. This was the highest reading since October 2013 when it recorded a reading of 53.
SIPMM Vice President for Industry Engagement and Development Sophia Poh said that the latest PMI readings bode well for the manufacturing sector despite the challenges in the global markets. She added that local manufacturers are increasingly concerned about rising energy costs, supply disruptions, and inflationary pressures.