The Singapore Manufacturing PMI decreased to 49.9 in May of 2019 from 50.3 in the previous month. The reading pointed to the contraction in the factory activity for the first time since August 2016, amid a deterioration in the trade war between the US and China. Order backlogs remained negative for the eight straight month while new orders, new exports, factory output and inventories grew at a softer pace. Meantime, the electronics sector PMI fell for the seventh straight month to 49.4 from 49.5 in April. Manufacturing PMI in Singapore averaged 50.59 from 2012 until 2019, reaching an all time high of 53.10 in January of 2018 and a record low of 48.30 in October of 2012.
Manufacturing PMI in Singapore is expected to be 50.50 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Manufacturing PMI in Singapore to stand at 52.00 in 12 months time. In the long-term, the Singapore Manufacturing PMI is projected to trend around 50.40 in 2020, according to our econometric models.