The electronics industry, which accounts for nearly half of Singapore’s factory output, saw output inch up 1.9%, after a 50% jump in August. — The Straits Times
SINGAPORE: Singapore’s manufacturing output rose for a fourth straight month in October, albeit at a slower pace of expansion.
Total output crept up 1.2% year-on-year (y-o-y), after a downwardly revised 9% rise in September and a hefty 22.9% jump in August.
The growth was also below forecast, with economists in a Bloomberg poll tipping 2.6%.
Excluding the more volatile biomedical industry, output increased by just 0.4%, the data from the Economic Development Board showed.
On a seasonally adjusted month-on-month basis, factory production edged up 0.1%. Excluding biomedical manufacturing, it dropped 1.9%.
The electronics industry, which accounts for nearly half of Singapore’s manufacturing output, saw an increase of 4.3% y-o-y, higher than the revised 0.9% rise in September.
Within the cluster, semiconductor production grew 2.1%. Other electronic modules and components rose 11.9%, while computer peripherals and data storage expanded 22.9%, and infocomms and consumer electronics added 20.3%.
The precision engineering cluster was the worst performer in October, shrinking 15.9% over the same month in 2023.
Within the cluster, the precision modules and components segment rose 6.8%, led by higher output of plastic precision components, optical instruments and electronic connectors.
But the machinery and systems segment declined 21.3%, compared with a high production base of semiconductor equipment in 2023.
Output in the transport engineering sector grew 10.9% in October over the same month in 2023.
The aerospace segment led the charge, growing 16.5%, sustained by higher production for aircraft parts and more maintenance, repair and overhaul jobs from commercial airlines. The land segment also performed well, rising 7.8%.
The marine and offshore engineering segment increased 3.2% on the back of higher project milestones met.
Biomedical manufacturing output increased 7.8% year on year.
Within the cluster, the pharmaceuticals segment grew 10.5% on account of a different mix of active pharmaceutical ingredients being produced compared with a year ago.
The medical technology segment increased 1.6% to meet continued export demand for medical devices.
The chemicals cluster saw output decrease 2.2% y-o-y.
The other chemicals segment led the charge with a 11.4% expansion on account of higher output of fragrances. Petrochemicals also performed well, rising 4.6%.
However, the petroleum segment decreased 0.3%, while the specialities segment plunged 31.7% due to lower production of mineral oil additives and biofuels.
General manufacturing output decreased 0.6% in October. Within the cluster, the printing segment grew 7.4%, while food, beverages and tobacco rose 4.6% on the back of higher production of milk powder and animal feeds.
But the miscellaneous industries segment declined 9.1%, led by lower production of structural metal products and paperboard containers and boxes. — The Straits Times/ANN
