Singapore’s manufacturing output expanded 13.8 percent year-on-year in May on the back of strong demand for semiconductors amid the global chip shortage.
SINGAPORE (CNA): Excluding biomedical manufacturing, output grew 18 percent, data from the Economic Development Board (EDB) showed on Friday (24 June 2022).
May’s growth is higher than the revised 6.4 per cent year-on-year growth in April. On a seasonally adjusted month-on-month basis, manufacturing output increased 10.9 percent in May. Excluding biomedical manufacturing, output grew 9.8 percent.
Output for the electronics cluster grew the most in May – 33.6 percent on a year-on-year basis. The semiconductors segment grew 45.7 percent, supported by strong demand from 5G markets and data centres amid the global chip shortage, said EDB.
Cumulatively, the electronics cluster increased 17.3 percent for the period January to May 2022 compared to the same period a year ago.
Output for the precision engineer cluster grew 3.2 percent year-on-year in May. The machinery and systems segment grew 6.9 percent, largely attributed to the higher output of semiconductor foundry equipment. The precision modules and components segment declined 4.5 percent with lower production of optical products.
The transport engineering cluster saw a 12.9 percent growth in May compared to a year ago. The aerospace segment jumped 27.2 percent, on account of higher production of aircraft parts and more maintenance, repair and overhaul jobs from commercial airlines with the easing of global air travel restrictions.
Many countries, including Singapore, reopened their borders this year. The marine and offshore engineering segment rose 8.2 percent, supported by a higher level of work done in offshore projects.
General manufacturing output grew 9 percent year-on-year in May, with all segments seeing an increase. The food, beverage and tobacco segment expanded 14.7 per cent, with higher output of beverage products, milk products and animal feed.
Output for chemicals decreased 3.4 percent in May compared to the same period last year. The petroleum and petrochemicals segments contracted 1 percent and 14.7 percent respectively, with the latter recording lower production amid plant maintenance shutdowns.
Output for the biomedical manufacturing cluster declined 7.2 per cent in May on a year-on-year. The medical technology segment grew 2.7 percent with higher demand for medical devices from the US and EU. The pharmaceuticals segment contracted 14.8 percent due to a different mix of active pharmaceutical ingredients being produced, said EDB.
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