Singapore’s manufacturing output down 4.9pc in June 2023

SINGAPORE, July 26 — Singapore’s manufacturing output decreased 4.9 per cent in June 2023 on a year-on-year basis, announced the republic’s Economic Development Board (EDB).

In a statement, EDB said excluding biomedical manufacturing, output fell 5.2 per cent.

On a three-month moving average basis, it said manufacturing output decreased 7.3 per cent in June 2023 compared with a year ago.

However, it said on a seasonally adjusted month-on-month basis, manufacturing output increased 5.0 per cent.

On performance by cluster, it said output for transport engineering increased 10.8 per cent year-on-year in June 2023.

It said the aerospace segment grew 16.7 per cent due to higher demand for aircraft parts as well as more maintenance, repair and overhaul (MRO) jobs from commercial airlines on the back of increased global air traffic.

EDB said the marine and offshore engineering segment expanded 6.8 per cent supported by increased production of oil and gas field equipment.

It said cumulatively, the output of the transport engineering cluster increased by 18.2 per cent for the period of January to June 2023 compared with the same period a year ago.

On the biomedical manufacturing cluster, it said the output decreased 1.8 per cent year-on-year in June 2023.

It said the output of the pharmaceuticals segment increased 9.4 per cent on account of a different mix of active pharmaceutical ingredients being produced compared to a year ago.

EDB said the medical technology segment contracted 11.9 per cent with lower demand for medical devices from the US and Europe.

On a year-to-date basis, it said the output of the biomedical manufacturing cluster decreased by two per cent compared with the same period last year.

It added that for other clusters, the electronics output fell 2.9 per cent; general manufacturing decreased 7.5 per cent; chemicals output shed 8.6 per cent; and precision engineering decreased 11.5 per cent year-on-year in June 2023.

The next monthly manufacturing performance media release will be issued on Aug 25, 2023. — Bernama