April's PMI dipped slightly to 50.5, still indicating sector expansion. UOb Macro notes reduced new and export orders, and production as factors. Manufacturing faces challenges from global rate hikes impacting demand. The Electronics PMI edged up to 50.9, its sixth month of growth, and supplier delivery times improved, hinting at easing supply issues. UOb remains optimistic about Singapore's manufacturing, especially electronics, expecting AI demand to drive growth in 2024's mid-year. Possible central bank rate cuts may relax financial conditions, potentially stimulating global investment and consumption.