SINGAPORE - Manufacturing activity in Singapore contracted for a sixth consecutive
month in December, bucking the improvement seen in many other countries, as
orders fell further, an industry survey showed.
The city-state's Purchasing
Manager's index (PMI) dipped to 48.6 points last month from 48.8 points in
November, hurt by further declines in the sub-indexes for new orders and new
export orders, the Singapore Institute of Purchasing & Materials Management
(SIPMM) said on Thursday.
A PMI reading below 50 shows
activity is contracting.
"The contraction in the
overall PMI was attributed to further declines in new orders, new export orders
and production output. Inventory continued to expand for the third consecutive
month whilst stockholdings of finished goods, imports and employment continued
to contract," SIPMM said in a statement.
A separate PMI for Singapore's
electronics sector showed activity weakened to 46.6 in December from 47.4 in
November.
Singapore, whose trade is around
three times GDP, has been badly hit by the weakness in Western economies that
has crimped demand for many of its exports. Its electronics manufacturers have
also failed to tap surging demand for smartphones, unlike rivals in South Korea
and Taiwan.
According to advance GDP numbers
released on Wednesday, Singapore's manufacturing sector shrank 10.8 percent sequentially
in the fourth quarter on an annualised and seasonally adjusted basis, worsening
from the 9.9 percent contraction in the third quarter.
The weakness in its manufacturing
sector contrasts with Taiwan and South Korea, which both reported stronger PMI
numbers on Wednesday.
HSBC, which compiles many of the
Asian PMIs, said on Wednesday its headline Asian electronics lead indicator
rose in December to hit its highest reading since March 2012.
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