Singapore’s economy continues to rely on the manufacturing industry as recent numbers released by the Singapore Institute of Purchasing and Materials Management (SIPMM) indicate June was the 10th consecutive month in which the manufacturing sector rose. Exports, factory output, a growing number of orders and inventory have contributed to the success of the Singapore manufacturing sector. Our Singapore company formation advisors can assist foreign investors who want to open a company in this thriving industry.
The Purchasing Managers’ Index (PMI) is the main indicator of the performance of Singapore companies in the manufacturing industry and the latest report which was released on July 3rd shows that June brought a 0.1% increase compared to the previous month reaching 50.9 points. This was the 10th month in a row in which manufacturing continued its ascent. The rise was given by a higher number of exports, orders, inventory and factory output.
If you want to open a company in Singapore and decide for one of the manufacturing industry’s branches, you can rely on our company registration consultants who can guide you through the company formation procedure.
The Singapore electronics sector registered the best results in June which was the 11th consecutive month in which this branch of the manufacturing industry rose. Even if at a slower pace than the increase accounted for in May, electronics companies still performed the best among all the branches of what constitute the manufacturing economy in Singapore.
The stocks of finished products also rose in June on the background of a slower rate of imports and input prices. Even so, this has contributed to the growth of the local manufacturing industry as Singapore companies relied on the raw materials produced internally.
Analysts from one of the largest financial magazines in the world announced the good performance of the manufacturing industry was expected.
If you are interested in opening a company in the city-state, please feel free to contact our company formation specialists in Singapore.