SINGAPORE - Manufacturing growth fell again in May to log its first contraction in more than two and a half years, as trade tensions between the United States and China heated up further last month.. Read more at straitstimes.com.
SINGAPORE - Manufacturing growth fell again in May to log its first contraction in more than two and a half years, as trade tensions between the United States and China heated up further last month.
The electronics sector PMI saw its seventh consecutive month of contraction, dipping 0.1 point to 49.4. Looking ahead, CMC market analyst Margaret Yang expected new orders and exports to likely remain weak in the months to come, as additional tariffs between the US and China kicked in around end-May to early June. Last month, the US more than doubled tariffs on on US$200 billion worth of Chinese goods, prompting Chinese retaliation of tariffs on US$60 billion in trade.
Observers noted the continued downward trajectory of manufacturing activity here, with global demand cooling and heightened trade frictions.
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