Singapore’s manufacturing output records slower growth of 3.4% in March

SINGAPORE: Singapore’s manufacturing output in March 2022 continued to rise however recorded a slower growth of 3.4 per cent year-on-year, official information from the Economic Development Board (EDB) confirmed on Tuesday (Apr 26).

Excluding biomedical manufacturing, output in March 2022 grew by 9.7 per cent.

In February, manufacturing output had expanded by a revised 17.5 per cent. 

However, on a seasonally adjusted month-on-month foundation, manufacturing output decreased by 12.6 per cent. 

Excluding biomedical manufacturing, output fell 6.1 per cent.

On a three-month transferring common foundation, manufacturing output rose 7.1 per cent in March, in comparison with a 12 months in the past.

The greatest growth was seen in the transport engineering cluster, the place output grew 20.7 per cent on a year-on-year foundation. 

The aerospace section grew 39.3 per cent with increased manufacturing of plane elements and better demand for upkeep, restore and overhaul jobs from business airways, mentioned EDB. 

The marine & offshore engineering section rose 7.9 per cent with extra work carried out in offshore initiatives, it added. 

In the primary three months of 2022, output from the transport engineering cluster elevated 13.8 per cent in comparison with the identical interval final 12 months. 

The subsequent greatest enhance was in electronics the place output grew by 14.5 per cent in March, in comparison with the identical interval final 12 months.

The growth was supported by output expansions from all segments besides the pc peripherals & information storage section, mentioned EDB. 

“In particular, the semiconductors segment grew 17.3 per cent, supported by sustained demand from 5G markets and data centres amidst the global chip shortage,” it added. 

Overall, the electronics cluster grew 14.6 per cent in the primary three months of 2022 in comparison with the identical interval final 12 months. 

In basic manufacturing, output rose 10.2 per year-on-year with all segments recording growth. 

“The food, beverage & tobacco segment expanded 15.2% with a higher output of beverage products, milk products and animal feed,” mentioned EDB.

Overall, the overall manufacturing industries cluster grew 12.7 per cent in the primary three months of 2022 in comparison with the identical interval final 12 months. 

Chemicals output rose 0.8 per cent in March.

The different chemical compounds section rose 54.2 per cent with increased output of fragrances whereas petroleum throughput grew 3.8 per cent.

“The specialities and petrochemicals segments declined 1.2 per cent and 16.0 per cent respectively, with the latter recording lower production due to plant maintenance shutdowns,” mentioned EDB. 

In the primary three months of the 12 months, the cluster decreased by 1.2 per cent as in comparison with the identical interval final 12 months. 

In precision engineering, output decreased 1.4 per cent in March as in comparison with the identical interval final 12 months. 
Overall, the precision engineering cluster grew 3.6 per cent year-on-year in the interval between January and March 2022, mentioned EDB.

Biomedical manufacturing additionally noticed output decline, with 26.3 per cent in March on a year-on-year foundation. 

“The medical technology segment contracted 7.1 per cent with lower export demand for medical devices,” mentioned EDB

Between the interval of January and March 2022, the biomedical manufacturing cluster decreased by 6.8 per cent, in comparison with the identical interval a 12 months in the past.  

Singapore's manufacturing output records slower growth of 3.4% in March

Source : channelnewsasia.com

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