Singapore’s manufacturing output jumps 17.6% in February, highest in 8 months

SINGAPORE: Singapore’s manufacturing output in February 2022 elevated 17.6 per cent year-on-year from the earlier month’s 2.4 per cent, information from the Economic Development Board (EDB) confirmed on Friday (Mar 25). 

Excluding biomedical manufacturing, output grew 16.8 per cent.

On a three-month transferring common foundation, manufacturing output rose 11.9 per cent final month, in comparison with a 12 months in the past.

On a seasonally adjusted month-on-month foundation, manufacturing output elevated 16.6 per cent. Excluding biomedical manufacturing, output grew 12.3 per cent.

The greatest development was seen in electronics, the place output grew 32.4 per cent in February on a year-on-year foundation, supported by output expansions throughout all segments.

“In particular, the semiconductors segment grew 39.4 per cent, supported by strong demand from 5G markets and data centres amidst the global chip shortage,” stated EDB.

“Overall, the electronics cluster grew 15.0 per cent in the first two months of 2022 compared to the same period last year,” it added. 

The subsequent greatest improve was in biomedical manufacturing, the place output elevated 25.3 per cent in February, in comparison with the identical interval final 12 months.

“The pharmaceuticals segment expanded 46.7 per cent with higher production of biological products and a different mix of active pharmaceutical ingredients,” stated EDB. 

It added that the medical know-how phase expanded 5.8 per cent with larger export demand for medical units.

On a year-to-date foundation, output of the biomedical manufacturing cluster grew 6.7 per cent, in comparison with the identical interval a 12 months in the past.

In basic manufacturing, output rose 12.6 per cent year-on-year, with all segments recording a rise in output.

“Cumulatively, the general manufacturing industries cluster grew 14.5 per cent for the period January to February 2022 compared to the same period a year ago,” stated EDB. 

Output in transport engineering grew 4.5 per cent in February.

The aerospace phase grew 11.3 per cent because of larger ranges of upkeep, restore and overhaul actions from industrial airways, on the again of the easing of world journey restrictions in comparison with a 12 months in the past, stated EDB. 

Supported by a better stage of labor performed in offshore initiatives, the marine & offshore engineering phase rose 0.9 per cent.

In the primary two months of 2022, output of the transport engineering cluster elevated 9.4 per cent in comparison with the identical interval final 12 months.

In precision engineering, output expanded 1.0 per cent year-on-year in February.

Overall, the precision engineering cluster grew 6.7 per cent year-on-year for the interval between January and February 2022, EDB stated.

Chemicals, nevertheless, noticed output decline 2.7 per cent.

“The petroleum refining throughput increased 14.8 per cent from the low production base last year due to softer export demand amid the COVID-19 outbreak,” stated EDB.

“Conversely, the specialties, petrochemicals and other chemicals segments contracted 2.0 per cent, 3.1 per cent and 8.8 per cent respectively,” it famous.

The specialties phase recorded decrease manufacturing of mineral oil components whereas the opposite chemical substances phase reported decrease output of fragrances.

“On a year-to-date basis, output of the chemicals cluster decreased 2.4 per cent compared to the same period a year ago.”