Singapore's manufacturing output rises 14.6% in October
Workers at a manufacturing facility in Singapore. (File photo: TODAY)
SINGAPORE: Singapore's manufacturing output for October rose 14.6 per cent compared with a year ago – the same pace of growth as September – on another strong showing from the electronics sector.
On a seasonally adjusted month-on-month basis, manufacturing output increased 0.7 per cent in October, according to figures released by the Economic Development Board (EDB) on Friday (Nov 24).Excluding the more volatile biomedical manufacturing, output grew 25.8 per cent year-on-year, and grew 6.8 per cent month-on-month.The electronics cluster’s output expanded 45.1 per cent last month, compared with the same month last year, largely driven by the semiconductors segment which posted a robust growth of 64.6 per cent.Precision engineering output grew 23.6 per cent year-on-year. Its precision modules and components segment posted a growth of 37.8 per cent on the back of higher production in dies, moulds, tools, jigs and fixture, optical instruments and metal precision components. For the chemical cluster, output increased 15 per cent year-on-year in October, with the petrochemicals segment growing 33.6 per cent due to the maintenance shutdown of some plants that resulted in a low base.
General manufacturing output also increased in October by 15.5 per cent. The cluster was supported by the food, beverages and tobacco segment, which grew 42.3 per cent with higher production of beverages and milk products.The clusters that reported a decline in output were transport engineering and biomedical manufacturing. The transport engineering cluster’s output decreased 3.8 per cent year-on-year in October, with land transport and marine and offshore engineering segments falling 6.9 per cent and 18.4 per cent, respectively. The marine and offshore engineering segment remained weak with low levels of rig-building, shipbuilding and repair activities.
The biomedical manufacturing cluster’s output declined 24.2 per cent last month, as the pharmaceuticals segment recorded an output decline of 36.1 per cent. The medical technology segment managed to rise 13.7 per cent on the back of higher export demand for medical devices. The Singapore economy grew 5.2 per cent in the third quarter compared with a year ago, trumping the earlier-announced advance estimates and second-quarter growth figure.
Source : http://www.channelnewsasia.com/news/singapore/singapore-s-manufacturing-output-rises-14-6-in-october-9435404