Singapore’s June Manufacturing Output Grew Just 2.2%, Contraction Seen In Semicon and Pharma

Singapore’s manufacturing output grew at a slower rate of 2.2% year on year in June as both semiconductor and pharmaceutical production saw much lower output compared to the previous year.

The Economic Development Board released data also indicated excluding biomedical manufacturing, output in June grew 4.2% this is after Singapore revised its June growth to 10.4% in May. On an occasionally adjusted month-on-month basis, manufacturing output fell 8.5% in June, excluding biomedical output declined 6.9%.

Transport engineering: Output expanded 32.0% year-on-year in June 2022 compared to a year ago. The marine & offshore engineering segment increased 44.0%, supported by a higher level of work done in ship-repair and offshore projects. The
aerospace segment grew 32.2%, on account of higher production of aircraft parts and more maintenance, repair and overhaul jobs from commercial airlines with the easing of global air travel restrictions. In the first six months of this year, output of the transport engineering cluster expanded 17.7% compared to the same period in 2021.

  1. General manufacturing: Output expanded 10.1% in June 2022, with all segments recording an increase in output. The printing and food, beverage & tobacco segments grew 12.2% and 9.7% respectively, with the latter recording higher output of beverage and milk products. The miscellaneous industries segment increased 9.5% with higher production of structural metal products and wearing apparel. Cumulatively, the general manufacturing industries cluster expanded 12.3% for the period January to June 2022 compared to the same period a year ago

Electronics output rose 2.3% in June 2022 on a year-on-year basis. The infocomms & consumer electronics and computer peripherals & data storage segments recorded output increases of 38.3% and 4.7% respectively. On the other hand, output of the semiconductors segment fell 2.6% while the other electronic modules & components segment declined 23.5% with lower export orders from China. On a year-to-date basis output of the electronics, cluster grew 9.2% compared to the same period a year ago.

  1. For Biomedical manufacturing output declined 9.2% in June 2022 on a year-on-year basis. The medical technology segment grew 14.3% with higher demand for medical devices from the US and China. By contrast, the pharmaceuticals segment contracted 24.9% due to a different mix of active pharmaceutical ingredients being produced. Overall, the biomedical manufacturing cluster decreased 4.0% year-on-year in the period January – June 2022. Chemicals: Output decreased 11.0% in June 2022 compared to the same period in The specialties segment grew 3.9% on account of higher production of food additives.
  2. Conversely, the output of the petroleum, petrochemicals, and other chemicals segments declined 2.4%, 15.7%, and 27.6% respectively. The petrochemicals segment recorded lower production amidst plant maintenance shutdowns while the other chemicals segment reported lower output of fragrances. On a year-to-date basis, the output of the chemicals cluster declined 3.7%, compared to the same period a year ago

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