Manufacturing is one the of engines of Singapore’s economy and local factories keep registering good results. July was the best month of the second quarter of 2017 for manufacturing companies in the city-state as the number of new orders and new exports rose substantially. Foreign investors interested in starting a business in the manufacturing industry have various options and can receive assistance for the Singapore company formation process from our local consultants.
The Purchasing Managers' Index (PMI) issued by the Singapore Institute of Purchasing and Materials Management every month reported the fastest increase of the manufacturing sector was registered in July. The PMI rose to 51 points from the 50.9 points registered in June.
The activities of Singapore companies expanded at the fastest pace during the summer months which made July the best month of the second quarter. This increase was driven by a rise in new orders coming from abroad which has further triggered a rise in the export numbers and factory output, according to the survey carried out by the institute.
The Singapore Institute of Purchasing and Materials Management also noted that the PMI was above the 50.0 points since November 2016 which means it has kept growing ever since.
Our company formation experts in Singapore can assist if you want to register a business in the manufacturing sector.
This is what the last PMI indicates. The main drivers will be the electronics sector which rose the highest in July – from 52.1 point to 52.2 compared to June. The good result of the electronics industry is based on Singapore’s reputation as an export-reliant Asian economy. However, the increase in global demands also contributed to this growth. The strongest increase came from the sale of tech products by Singapore companies.
Foreign enterprisers interested in the manufacturing or electronics industries can benefit from various incentives if they decide to set up companies in Singapore. Do not hesitate to contact our Singapore company formation agents if you are interested in starting this type of business.