Singapore Oct PMI at 3-month high on new orders

PHOTO: Singapore Oct PMI at 3-month high on new orders

SINGAPORE - Singapore's manufacturing activity hit a three-month high in October on strong orders and higher production, an industry survey showed on Tuesday, as demand for exports drove the fastest upturn in regional factories in months.

The Singapore Institute of Purchasing & Materials Management's Purchasing Managers' index (PMI) rose to 51.2 last month, the highest since July. The index stood at 50.5 in September.

The institute's PMI for the electronics sector rose to 51.0 in October from 50.3 in September.

A reading above 50 indicates that manufacturing sector activity is generally expanding, while levels below that point to a contraction.

"The expansion in the overall PMI was attributed to further expansion in new orders and new export orders as well as higher level of production output," the institute said in a statement.

"Overall employment continued its second month of expansion after having contracted in the earlier month." The October new orders index rose to 52.2 from 51.0 in the previous month, while the new export orders index advanced to 51.7 from September's 51.1. The production index rose 0.3 points to 52.4 in October.

Chinese factory growth hit an 18-month high in October, while Taiwan's PMI touched its highest level since March 2012.

Indonesia's index hit a four-month high and Japanese PMI rose to its strongest level in well over three years.