S'pore manufacturing index up

S'pore manufacturing index up

SINGAPORE: Higher export orders and increased production boosted Singapore's key manufacturing index to 52.3 percent in July in the fifth straight month of growth after 13 months of decline, a survey released Monday said.

The Purchasing Managers' Index (PMI), based on a survey of more than 150 industrial companies, said the July reading was up 0.2 percentage points from 52.1 recorded in June.

"The marginal increase in overall PMI was attributed mainly to higher new orders and new export orders, as well as an increase in production," the Singapore Institute of Purchasing and Materials Management said.

A PMI reading of above 50 percent on the scale up to 100 percent indicates an expanding manufacturing industry, which accounts for a quarter of Singapore's trade-driven economy.

Singapore's key electronics sector, a pillar of the manufacturing industry, also saw its PMI index rise to 54.40 percent in July, up from 53.0 percent in June. -- AFP

RP exports up 12.3% in June

MANILA: Philippines merchandise exports rose 12.3 percent from a year earlier to US$2.89 billion in June amid a recovery in the key electronics sector, a government statement said Monday.

First half exports were up 4.3 percent from a year earlier to $16.67 billion, on track with the full-year target.

The National Statistics Office said electronic components receipts rose 16.4 percent to nearly $1.60 billion in June. They accounted for 55.2 percent of aggregate export revenue for the month.

Garments, the number-two export item, rose 3.7 percent to $215.93 million, while metal components' revenue surged 23.5 percent to $37.07 million.

Exports to the United States fell 2.5 percent to $749.12 million, while shipments to Japan rose 3.4 percent to $446.14 million. Exports to both countries accounted for 41 percent of earnings for the month. -- AFP

Taiwan reserves up to record high

TAIPEI: Taiwan's foreign exchange reserves rose to a record high of US$155.3 billion at the end of July compared with US$148.2 billion at the end of June, the central bank said Monday.

The rise was due mainly to Taiwan's trade surplus and interest gains on the central bank's foreign exchange reserves, it said.

It was the 11th consecutive month the foreign exchange reserves have hit record highs. -- Dow Jones

Japan sees improving outlook

TOKYO: Japan's forward-looking index of economic activity indicated a positive outlook in June, rising above the 50 point mark for the sixth straight month, the government said Monday.

The leading index of economic activities for the next three to six months stood at 70.0 points, against a revised 90.9 in May, the Cabinet Office's economic and social research institute said.

The 50-point mark is regarded as the dividing line between growth and contraction in the economy.

Japan's leading index is based on a raft of financial figures which offer a pointer to the direction of the world's second biggest economy, such as commodity indices, new car registrations and the number of new home building projects.

The coincident index measuring the current state of the economy came to 77.8 points in June, after reaching 100.0 points in May, rising above the 50-point level for five straight months. -- AFP