Singapore’s manufacturing output records slower growth of 2% in January 2022

SINGAPORE: Singapore’s manufacturing output continued to rise in January, although the pace of growth fell to 2 per cent year-on-year, official data showed on Friday (Feb 25).

This follows a revised growth of 16.7 per cent in December.

Excluding biomedical manufacturing, output grew 4.7 per cent, the Economic Development Board (EDB) said in a media release.

On a seasonally adjusted month-on-month basis, manufacturing output decreased 10.7 per cent in January 2022. Excluding biomedical manufacturing, output fell 0.2 per cent.

MOST CLUSTERS RECORD OUTPUT GROWTH

General manufacturing saw the highest increase in January, recording 17.4 per cent year-on-year, with all segments recording growth.

The miscellaneous industries segment grew 19.9 per cent, with higher production of construction-related products, jewellery and wearing apparel. The food, beverage and tobacco and printing segments expanded by 16.3 per cent and 4.1 per cent respectively.

Transport engineering grew 16.2 per cent, compared to the same period in 2021. The aerospace segment grew 25.8 per cent with higher volume of maintenance, repair and overhaul work from commercial airlines, as global travel restrictions eased compared to a year ago.

The marine and offshore engineering segment also rose, by 9.6 per cent, with a higher level of work done in shipbuilding and repairing activities.

In precision engineering, output expanded 11.6 per cent year-on-year. Within the cluster, the machinery and systems segment grew 20.5 per cent, on account of higher output of semiconductor equipment, machine tools & accessories and measuring devices.

However, the precision modules and components segment declined 5.7 per cent with lower output of optical products.

The electronics cluster grew 0.1 per cent - against a drop of 2.6 per cent the previous month - from the high production base in the previous year, EDB said.

The infocomms and consumer electronics and other electronic modules and components segments recorded output increases of 26.3 per cent and 19.5 per cent respectively.

The semiconductors and computer peripherals and data storage segments, however, declined 0.9 per cent and 4.8 per cent respectively.

However, the biomedical manufacturing cluster declined 10.6 per cent year-on-year.

Within the cluster, output for the pharmaceuticals segment declined 18 per cent due to lower production of biological products. In contrast, the medical technology segment recorded an increase of 1.1 per cent with higher export demand for medical devices

Chemicals output fell 2.3 per cent, as the other chemicals segment contracted 22.1 per cent with lower output in fragrances.

The remaining segments recorded growth. The petroleum refining throughput expanded 13.3 per cent from the low production base a year ago, due to weaker export demand amid the COVID-19 outbreak.

Meanwhile, the specialties and petrochemicals segments grew 3.6 per cent and 2.1 per cent respectively, with the former recording higher production of industrial gases.

The next monthly manufacturing performance media release will be issued on Mar 25.