Singapore's manufacturing sees 8th straight month of growth, jumps 27.5% in June
SINGAPORE – Manufacturing output in Singapore recorded an eighth straight month of growth last month, boosted by a low base a year ago amid Covid-19 restriction measures.
Industrial production expanded 27.5 per cent year on year, just above the 27.2 per cent median estimate in a Bloomberg poll and the adjusted 27 per cent growth seen in May.
Excluding the volatile biomedical manufacturing segment, output climbed 24.8 per cent, according to data released by the Economic Development Board on Monday (July 26).
On a month-on-month seasonally adjusted basis, overall factory output decreased 3 per cent. Production rose 0.7 per cent, excluding biomedical manufacturing.
The biomedical manufacturing cluster recorded an output growth of 42.5 per cent on a year on year basis last month, with the pharmaceutical segment boosted by higher production of active pharmaceutical ingredients and biological products. The medical technology segment increased 37.5 per cent due to higher export demand for medical devices.
Biomedical production grew 5 per cent in the first six months of the year, compared with a year ago.
Singapore’s key electronics output was higher by 26.2 per cent compared with a year ago, with all segments, except infocomms and consumer electronics, expanding. Its growth was led by the semiconductors segment which rose 28.2 per cent, supported by demand from cloud services and 5G markets.
The cluster grew 23.6 per cent in the first half of 2021 on a year-on-year basis.
Precision engineering production grew 22.2 per cent year on year, with the machinery and systems segment’s 28.6 per cent expansion bolstered by greater output of semiconductor and industrial process equipment.
Chemicals output rose 30.6 per cent compared with a year ago, with the specialities and petroleum segments seeing significant growth. This was due to low production a year ago with plant maintenance shutdowns and weaker export demand amid the Covid-19 outbreak.
Transport engineering was higher by 28.3 per cent, with the marine and offshore engineering and aerospace segments benefiting from the low base a year ago amid movement restrictions and Covid-19-related slowdown in activities.
General manufacturing output was up 17.4 per cent compared with a year ago.
The miscellaneous industries segment leapt 62.2 per cent from a low base last year, when production of construction-related materials was affected by movement restrictions at foreign worker dormitories. This outweighed declines seen in the food, beverage and tobacco, as well as printing, segments.
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