SINGAPORE, Jan. 2 (Xinhua) -- Singapore's Purchasing Managers' Index (PMI), a key early indicator of manufacturing activity, edged up by 0.1 points in December to 51.1, marking the 16th consecutive month of expansion, according to the Singapore Institute of Purchasing and Materials Management (SIPMM) Thursday.
This was the highest PMI reading since December 2018.
The electronics sector PMI registered a reading of 51.4 after a 0.2-point decline.
A PMI reading above 50 reflects overall expansion in the manufacturing economy, while a reading below 50 signals contraction.
Near-term external demand for Singapore's manufacturing products, particularly in electronics, remained resilient, said Development Bank of Singapore economist Chua Han Teng. He pointed to positive trends in several sub-indices, including new export orders, new orders and order backlogs.
Despite the optimistic figures, concerns persisted among local manufacturers about ongoing geopolitical tensions and uncertainties surrounding trade policies of the incoming U.S. administration, which could disrupt global trade and impact economic growth, said SIPMM Executive Director Stephen Poh. ■