SINGAPORE, Feb 24 — Singapore’s total manufacturing output decreased 2.7 per cent in January 2023 on a year-on-year basis, said the Singapore Economic Development Board (EDB), a government agency under the republic’s Ministry of Trade and Industry.
In a statement today, the EDB said that on a seasonally adjusted month-on-month basis, manufacturing output decreased by 1.1 per cent.
On performance by cluster, it said the output of biomedical manufacturing grew 23.2 per cent in January 2023 on a yearly basis.
“Output of the pharmaceuticals segment increased 37.5 per cent, on account of a different mix of active pharmaceutical ingredients being produced compared to a year ago.
“The medical technology segment grew 3.8 per cent with higher export demand from the US and Europe,” said the agency.
The EDB said the output of the transport engineering cluster increased 4.7 per cent year-on-year in January 2023.
“The marine and offshore engineering segment expanded 29.2 per cent, supported by a higher level of activities in the shipyard as well as increased production of oil & gas field equipment.
“Conversely, the aerospace and land segment contracted 2.8 per cent and 20.8 per cent, respectively, with the latter recording lower export demand for vehicle parts and accessories,” it said.
As for the output of the electronics cluster, the EDB said it decreased by 2.9 per cent in January 2023 compared to a year ago.
“The computer peripherals and data storage segment grew 2.5 per cent while the rest of the electronic segments declined on the back of softening demand,” it said.
The output of the precision engineering cluster, meanwhile, declined 11.1 per cent from a year ago.
“The machinery and systems segment declined 6.4 per cent with lower output in back-end semiconductor equipment, refrigeration and air-conditioning compressors.
“The precision modules and components segment contracted 23.3 per cent with lower production of metal and plastic precision components, optical instruments and dies, moulds, tools, jigs and fixtures,” it said.
As for the chemicals cluster, its output decreased 13.0 per cent in January 2023 on a year-on-year basis, although the petroleum segment grew 10.4 per cent on account of higher demand for jet fuel as air travel continues to rise, said the EDB.
“Conversely, the specialities (-10.5 per cent), other chemicals (-10.6 per cent) and petrochemicals (-25.2 per cent) segments recorded declines on the back of weak market demand as well as fewer production days due to the Lunar New Year festive period,” it said.
The output of the general manufacturing cluster also decreased 18.3 per cent in January 2023 on a year-on-year basis due in part to the Lunar New Year holidays.
“The food, beverages and tobacco, printing and miscellaneous industries segments declined 11.5 per cent, 17.9 per cent and 27.6 per cent, respectively,” it said.
EDB added that the next monthly manufacturing performance media release would be issued on March 24, 2023.
— Bernama
