SINGAPORE: Industrial production in Singapore rose slightly more than expected last month, helped by increases in electronics and pharmaceuticals production, although marine and offshore engineering output plunged.
Manufacturing output rose 1.2 per cent from a year earlier in October, data released by the Economic Development Board (EDB) on Friday (Nov 25) showed. The median forecast in a Reuters survey tipped a 1.1 per cent expansion.
On a seasonally-adjusted month-on-month basis, output eased 0.1 per cent. The median forecast was a contraction of 0.9 per cent.
Electronics output - Singapore’s biggest manufacturing cluster - jumped 24.6 per cent in October from a year ago, with semiconductors output up 41.7 per cent.
Biomedical manufacturing output rose 11.3 per cent year-on-year, with the pharmaceuticals segment expanding 12.4 per cent and the medical technology segment growing 8.2 per cent.
Tempering the increase in overall output was a slide in output in three clusters - transport engineering, general manufacturing and chemicals.
Manufacturing activity in transport engineering fell 26.9 per cent, with expansions in land transport and aerospace being offset by a 46.9 per cent decline in marine and offshore engineering.
Output in the general manufacturing cluster contracted 22.2 per cent in October, with all segments posting declines, EDB said.