S'pore manufacturing sector expands

S'pore manufacturing sector expands

SINGAPORE: Singapore's manufacturing sector expanded for the fifth month running in October with the Purchasing Managers' Index (PMI) staying above the key 50-point level, an independent report said.

The PMI reading, compiled from a survey of purchasing managers in more than 150 industrial companies, stood at 53.9 points in October, up 1.9 points over the preceding month, the Singapore Institute of Purchasing and Materials Management said late on Monday.

A reading above 50 indicates the sector is expanding.

"The increase of the overall PMI was attributed to an increase in new orders and export orders, imports as well as higher production output," the institute said.

"Thus, the October PMI indicated that the Singapore manufacturing economy posted an expansion for the fifth month after having recorded contraction readings over three consecutive months."

Electronics is a major contributor to manufacturing output and forms the bulk of the island's exports to its biggest markets, including the United States and Europe. -- AFP