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

Singapore’s manufacturing output jumps 17.6% in February, highest in 8 months
A worker at a manufacturing facility in Singapore. (TODAY file photo)

SINGAPORE: Singapore’s manufacturing output in February 2022 increased 17.6 per cent year-on-year from the previous month's 2.4 per cent, data from the Economic Development Board (EDB) showed on Friday (Mar 25). 

Excluding biomedical manufacturing, output grew 16.8 per cent.

On a three-month moving average basis, manufacturing output rose 11.9 per cent last month, compared to a year ago.

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

The biggest growth was seen in electronics, where output grew 32.4 per cent in February on a year-on-year basis, supported by output expansions across 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," said 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 next biggest increase was in biomedical manufacturing, where output increased 25.3 per cent in February, compared to the same period last year.

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

It added that the medical technology segment expanded 5.8 per cent with higher export demand for medical devices.

On a year-to-date basis, output of the biomedical manufacturing cluster grew 6.7 per cent, compared to the same period a year ago.

In general manufacturing, output rose 12.6 per cent year-on-year, with all segments recording an increase 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," said EDB. 

Output in transport engineering grew 4.5 per cent in February.

The aerospace segment grew 11.3 per cent due to higher levels of maintenance, repair and overhaul activities from commercial airlines, on the back of the easing of global travel restrictions compared to a year ago, said EDB. 

Supported by a higher level of work done in offshore projects, the marine & offshore engineering segment rose 0.9 per cent.

In the first two months of 2022, output of the transport engineering cluster increased 9.4 per cent compared to the same period last year.

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 period between January and February 2022, EDB said.

Chemicals, however, saw 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," said 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 noted.

The specialties segment recorded lower production of mineral oil additives while the other chemicals segment reported lower 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."

Source: CNA/az(gr)

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