Singapore’s manufacturing output decreased 2.5 per cent in December 2023 on a year-on-year (y-o-y) basis, according to the republic’s Economic Development Board (EDB) today (Jan 26).
On a three-month moving average basis, the manufacturing output increased 1.4 per cent in December 2023 compared to a year ago, the EDB said in a statement.
“On a seasonally adjusted month-on-month basis, manufacturing output decreased 1.7 per cent,” said the agency under the Ministry of Trade and Industry.
As for the performance by cluster, it said electronics output grew 6.3 per cent in December 2023 compared to a year ago and the semiconductors segment expanded 17.7 per cent, supported by improved demand in selected end markets such as smartphones.
Conversely, other electronics modules and components, computer peripherals and data storage, and infocomms and consumer electronics segments contracted 7.8 per cent, 17.0 per cent and 18.1 per cent respectively.
“Overall, the output of the electronics cluster declined 3.2 per cent in 2023 compared to 2022,” said the EDB.
The chemicals output increased 2.8 per cent in December 2023 on a y-o-y basis, it added.
The specialities and petroleum segments grew 29.1 per cent and 1.7 per cent respectively, with the former recording higher production of mineral oil additives.
By contrast, the other chemicals segment declined 5.4 per cent on account of lower output in fragrances while the petrochemicals segment fell 5.5 per cent on the back of weak market demand.
Overall, the EDB said the chemicals cluster contracted 6.7 per cent in 2023 compared to 2022.
As for the transport engineering output, the agency said it grew 0.2 per cent y-o-y in December 2023.
The aerospace segment grew 4.9 per cent with higher demand for aircraft parts and more maintenance, repair and overhaul jobs from commercial airlines on the back of strong air travel demand globally.
Conversely, the marine and offshore engineering and land segments declined 1.7 per cent and 10.8 per cent respectively, from a strong production level in December 2022.
For the whole of 2023, the EDB said the transport engineering cluster expanded 15.0 per cent compared to 2022.
Meanwhile, precision engineering output slid 7.4 per cent in December 2023 compared to a year ago, while general manufacturing decreased 15.9 per cent and biomedical manufacturing fell 23.9 per cent.
The EDB noted that the next monthly manufacturing performance media release will be issued on Feb 26, 2024.
