Singapore's manufacturers ended 2024 on a positive note and can look forward to continued expansion despite a mixed outlook for the region, say experts.
The purchasing managers' index (PMI), a barometer of the sector, rose to 51.1 points in December, up from 51 in November. Readings above 50 indicate growth; those below point to contraction.
But electronics sounded a muted note, with the sector's PMI falling from 51.6 in November to 51.4 points, noted the Singapore Institute of Purchasing and Materials Management, which released the data on Jan 2.
December marked the 16th consecutive month of growth for the overall manufacturing PMI and the 14th for electronics.
Elsewhere, manufacturing data from India, the Philippines, Taiwan, China, Thailand and Indonesia point to further growth ahead, but factory output in Malaysia, South Korea and Vietnam slid below the 50-point mark in December, suggesting upcoming contraction in those nations.
Experts told The Straits Times that Singapore's electronics and the broader manufacturing sector remained in expansion, with sufficient momentum to extend growth into the first quarter of 2025.
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