Singapore factory output shrinks 3.1% in December, less than expected as electronics reverses fall & More Trending News

 

SINGAPORE – Singapore’s manufacturing output shrank for a 3rd consecutive month in December, dragged down by risky biomedical manufacturing, though the decline was less steep than expected. 

Output in December dropped 3.1 per cent 12 months on 12 months, in keeping with information launched by the Economic Development Board on Thursday. Excluding biomedical manufacturing, output edged up 0.3 per cent.

Overall manufacturing carried out higher than the 6.9 per cent contraction forecast by analysts in a Bloomberg ballot. It was additionally a slight enchancment on the three.8 per cent fall in November.

Production shrank for the primary time in a 12 months in October on a hunch in prescribed drugs manufacturing and continued weak spot in the linchpin electronics sector.

However, electronics grew 4.6 per cent in December, reversing falls of 12.4 per cent in November and 0.7 per cent in October.

Electronics accounts for 40 per cent of Singapore’s export-driven manufacturing sector and thus is vital to financial progress.

Output for the infocomms and client electronics phase expanded by 16.9 per cent, whereas laptop peripherals and information storage grew 0.9 per cent. 

But semiconductor manufacturing continued to shrink, dipping 0.3 per cent, whereas different digital modules and elements segments tumbled 13.5 per cent on the again of softening demand.

Overall, the electronics cluster’s output grew 2.6 per cent in 2022.

Transport engineering output additionally grew, by 9.3 per cent in December, extending the 18.6 per cent progress in November and 6.8 per cent improve in October. 

The aerospace phase expanded 27.2 per cent with extra upkeep, restore and overhaul jobs from business airways on the again of elevated international air visitors. 

But marine and offshore engineering dipped 0.5 per cent whereas the land phase shrank 18.6 per cent. The transport engineering cluster grew 18.8 per cent for the entire of 2022. 

Other sectors noticed poorer efficiency in December. 

Biomedical manufacturing output declined 20.3 per cent, reversing a 9 per cent progress in November. 

Singapore factory output shrinks 3.1% in December, less than expected as electronics reverses fall

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Singapore factory output shrinks 3.1% in December, less than expected as electronics reverses fall

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Singapore factory output shrinks 3.1% in December, less than expected as electronics reverses fall

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