Singapore’s manufacturing output expanded by 14.6% y-o-y in November, according to data released by the Singapore Economic Development Board (EDB) on Dec 24.
The growth marks the second straight month of growth since October.
Excluding biomedical manufacturing, the country’s manufacturing output grew by 12.4% on a y-o-y basis.
On a three-month moving average basis, manufacturing output expanded by 9.1% in November, compared to the same period a year ago.
On a seasonally adjusted month-on-month (m-o-m) basis, manufacturing output increased 2.3%.
Excluding biomedical manufacturing, output grew 2.7% on a m-o-m basis.
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During the month, all clusters registered y-o-y growths, led by transport engineering.
Output for the transport engineering cluster increased 31.2% y-o-y in November, with broad-based growths in all its segments. The aerospace segment grew 47.1% y-o-y on the back of higher demand for maintenance, repair and overhaul activities. This was compared to the same period a year ago, where there was widespread grounding of aircraft due to the international travel restrictions from Covid-19. The marine and offshore engineering segment rose 34.0% from a low base a year ago. The higher figure was due to a higher level of work done in shipbuilding and repairing activities.
The biomedical manufacturing cluster saw output grew by 20.1% y-o-y in November, led by the pharmaceuticals segment’s expansion of 31.2% y-o-y due to the higher production of active pharmaceutical ingredients. The cluster’s growth was offset by the 13.1% y-o-y decline in the medical technology segment on the back of lower export demand for medical devices.
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The precision engineering cluster saw output increase by 13.7% y-o-y in November. This was due to the 24.9% y-o-y growth in the machinery and systems segment, due to the higher production of semiconductor and industrial process equipment, as well as measuring devices. The precision modules and components segment fell 8.7% y-o-y with the lower output of optical products.
Output for the electronics cluster grew by 10.2% y-o-y in November, with all segments recording a higher level of production on the back of strong export demand.
In the general manufacturing cluster, output grew by 8.8% y-o-y with all segments seeing an increase in output. The growth was mainly attributed to the miscellaneous industries segment, which expanded by 19.3% y-o-y on the back of the higher production of construction-related products, jewellery and wearing apparel.
Output for the chemicals cluster grew by 8.5% y-o-y in November. This was due to increased output for the petrochemicals and petroleum segments, which expanded by 18.0% and 17.6% y-o-y respectively from the low production base in November 2020. That said, growth was offset by the declines in the specialties and other chemicals segments, which fell 0.5% and 2.3% y-o-y respectively. The other chemicals segments, in particular, registered a lower output on the back of a decline in fragrances.
Photo: Tiong Woon