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

Manufacturing output rose 7.6% in March in Singapore

Manufacturing output rose 7.6% in March in Singapore

Singapore’s manufacturing output rose 7.6 percent year-on-year in March for a fifth consecutive month of growth, albeit at a slower pace than the previous months.

March’s expansion follows a 16.5 percent year-on-year increase in February, according to official data released on Monday (Apr 26).

Excluding biomedical manufacturing, output grew by 14.9 percent in March.

Electronics lead the manufacturing output

The key electronics cluster led the growth in March with a 33.7 percent increase in output on a year-on-year basis.

This was attributed to the semiconductors segment expanding 37.8 percent, supported by demand from cloud services, data centers and 5G markets, said the Economic Development Board (EDB).

The computer peripherals and data storage segments also grew 27.4 percent.

Other clusters that saw output growth include chemicals, which expanded 9.5 percent, as well as precision engineering, which rose 5.6 percent.

Biomedical manufacturing output contracted 6.6 percent year-on-year in March, reversing the 22.1 percent increase in February.

The medical technology segment grew 23.3 percent with higher export demand for medical devices. On the other hand, the pharmaceuticals segment declined 9.6 percent with lower output of biological products.

The transport engineering cluster continued its decline, contracting 20.6 percent in March from the same period last year. The general manufacturing cluster fell at a slower pace, at -0.5 percent. 

On a seasonally adjusted month-to-month basis, manufacturing output decreased by 1.7 percent in March. Excluding biomedical manufacturing, output fell 3.2 percent.

Singapore’s economy grew 0.2% in Q1

Singapore’s economy grew by 0.2 percent year-on-year in the first quarter of 2021.

A turnaround after three quarters of contraction, as the country continued its recovery from the COVID-19 pandemic.

On a quarter-on-quarter seasonally adjusted basis, Singapore’s gross domestic product (GDP) expanded by 2 percent between January and March, extending the 3.8 percent growth in the previous quarter, advance estimates by the Ministry of Trade and Industry (MTI).

Source: Channel News Asia