Manufacturing output of the country grew in May

Manufacturing output of the country grew in May

Singapore’s manufacturing output grew for a seventh consecutive month in May, increasing 30 percent year-on-year, official data showed on Friday.

This is the biggest increase since November 2010, Reuters reported, and outpaced the previous month’s 2.1 percent.

Excluding biomedical manufacturing, output grew 29 percent year-on-year in May.

Due in part to the “circuit breaker” measures in place in May last year, said the Economic Development Board (EDB).

On a seasonally adjusted month-on-month basis, manufacturing output increased 7.2 percent in May, data showed.

Increase in manufacturing output

All clusters saw year-on-year increases in May, headlined by precision engineering, which grew 58.6 percent.

This was led by the machinery and systems segment, which rose 73.4 percent on account of higher production of semiconductor equipment to cater to the “strong capital investment in the global semiconductor industry”, said EDB.

The precision modules and components segment also rose 30.4 percent, as production of optical products, metal precision components and plastic precision products increased.

The transport engineering cluster expanded 44 percent year-on-year in May, with the marine and offshore engineering segment growing 71 percent.

This was due to domestic circuit breaker measures and movement restrictions at foreign worker dormitories that “adversely affected” production last year, said EDB.

The aerospace segment grew 21.3 percent from a low base last year due to the grounding of aircrafts amid travel restrictions brought on by COVID-19.

Biomedical manufacturing output increased 35.6 percent year-on-year in May.

The medical technology segment grew 47.6 percent on the back of higher export demand for medical devices.

While the pharmaceutical segment saw a 38 percent rise with the increase in production of active pharmaceutical ingredients and biological products.

General manufacturing output rose 27.8 percent year-on-year in May, with miscellaneous industries growing 96.1 percent from a low base last year.

When many of the construction related industries had to either stop or reduce production due to circuit breaker measures. The printing segment also grew 8.7 percent.

Electronics cluster expanded 23.2 percent year-on-year in May, as all segments recorded a higher level of production. 

The semiconductors segment grew 25.5 percent, supported by demand from 5G markets and a low production base last year, EDB said.

Chemicals output increased 16.2 percent year-on-year in May, with all segments also recording output growth.

Source: Channes News Asia

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