Singapore’s manufacturing output fell by 4.9% on a y-o-y basis in June with most clusters in the red.
Excluding biomedical manufacturing, output fell by 5.2%.
On a seasonally adjusted m-o-m basis, however, manufacturing output increased by 5.0%. Output increased by 6.6% m-o-m excluding the biomedical manufacturing cluster.
Output for the transport engineering cluster increased by 10.8% y-o-y with all segments reflecting expansions. The aerospace segment expanded by 16.7% y-o-y due to higher demand for aircraft parts as well as more maintenance, repair and overhaul (MRO) jobs from commercial airlines following an increase in global air traffic.
The marine & offshore engineering segment expanded by 6.8% y-o-y thanks to increased production of oil & gas field equipment.
Output for the biomedical manufacturing cluster fell by 1.8% y-o-y as the medical technology segment contracted 11.9% with lower demand for medical devices from the US and Europe. This was offset by a 9.4% y-o-y growth from the output of the pharmaceuticals segment due to a different mix of active pharmaceutical ingredients being produced compared to a year ago.
See also: Analysts maintain positive outlook on manufacturing sector in 2024 despite slowdown in IP
Output for the electronics cluster fell by 2.9% y-o-y as the infocomms & consumer electronics and computer peripherals & data storage segments contracted by 17.7% and 25.8% respectively on a y-o-y basis. This was mitigated by expansions in the other electronic modules & components and semiconductors segments which grew by 7.5% and 3.1% respectively.
Output in general manufacturing fell by 7.5% y-o-y as the printing and miscellaneous industries segments contracted 14.7% and 17.2% respectively. The drop in the miscellaneous industries segment was due to the lower production of batteries, structural metal products and wearing apparel. Meanwhile, the food, beverages & tobacco segment grew by 0.3% y-o-y.
Output for the chemicals cluster fell by 8.6% y-o-y as the petroleum and specialties segments contracted 5.5% and 6.0% respectively. The specialties segment fell as production of mineral oil and food additives contracted. The petrochemicals segment also fell by 14.8% on the back of plant maintenance shutdowns as well as weak market demand. The one bright spot within the cluster was the other chemicals segment which grew by 3.6% with a higher output of fragrances.
Output for the precision engineering cluster fell by 11.5% y-o-y as all segments showed declines. The machinery & systems segment fell by 6.9% with lower output of back-end semiconductor equipment and refrigeration & air-conditioning compressors. The precision modules & components segment fell by 24.7% due to lower production of optical products, plastic and metal precision components, and dies, moulds, tools, jigs and fixtures.
