Singapore Manufacturing, Services Business Outlook Slightly More Optimistic for Next 6 Months

The Business Times2023-10-31

Singapore’s manufacturers and services firms are slightly more positive about business conditions in the next six months, separate quarterly surveys showed on Tuesday (Oct 31).A net weighted balance ...

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This was against 12 percent bracing for circumstances to worsen, also up from 7 percent before.Sentiments were mixed among clusters. Transport engineering remained the most optimistic, with a net weighted 35 percent of firms expecting an improved operating environment from October to March.The positivity in the cluster was led by the marine and offshore engineering segment (39 percent), on account of more orders from the oil and gas and renewable energy industries, and the aerospace segment (35 percent), on the back of strong global air travel demand.The land segment was also optimistic, with a net weighted balance of 29 percent of firms expecting improved conditions ahead.Other clusters that were upbeat for the six-month period include:Electronics (23 per cent)General manufacturing (6 per cent)In the electronics cluster, improved sentiment was largely attributed to the semiconductors segment (28 percent), where ongoing adjustments in customers’ inventories are expected to contribute to a gradual demand recovery. All other segments, however, foresee a worsened business environment.The least optimistic, on the other hand, were the chemicals and biomedical manufacturing clusters, both with net weighted balances of 13 percent of firms predicting weaker business outlooks in the six months till March.For chemicals businesses, firms in the specialties (-17 percent) and petroleum (-33 percent) segments expressed concerns over weak regional demand and high domestic operating costs.In biomedical manufacturing, the less optimistic outlook is largely supported by those in the medical technology segment (-37 percent), which expect a softer demand for life science instruments and consumables, given the softer macroeconomic outlook and customers’ excess inventory.Also pessimistic was the precision manufacturing cluster, with a net weighted balance of 5 percent of firms expecting worsened business prospects. The precision modules and components segment (-34 percent) in particular continues to be negatively affected by the macroeconomic uncertainties and the global electronics demand slowdown.Overall, a net weighted balance of 10 percent of manufacturers expect lower output for the three months from October to December, compared with 6 percent expecting higher output in the previous quarter.For Q4, the majority of clusters expect output to fall, led by precision engineering (-38 percent). The transport engineering (49 percent) and chemicals (6 percent) clusters are the exception that expect higher levels of production.With a net weighted balance of 3 percent of manufacturers expecting a fall in hiring activities, compared with 4 percent expecting them to increase in the previous survey, hiring expectations were slightly lower for the final quarter of 2023.“A majority of firms (a weighted 81 percent) in the manufacturing sector expect employment levels in the fourth quarter of 2023 to remain similar to the third quarter of 2023,” EDB noted.Transport engineering was the most optimistic in its employment outlook (23 percent), while precision engineering (-16 percent) was the least optimistic.Outlook for services firmsIn the services industry, 18 percent of firms are optimistic about business conditions for October to March, slipping from 19 percent in the preceding quarter. Meanwhile, 9 percent are preparing for a deteriorating climate for the six months, compared with 11 percent in the previous survey.Almost all industries expressed positive sentiments on conditions for the half-year:Wholesale trade (3 percent)Retail trade (33 per cent)Transportation and storage (1 percent)Accommodation (44 per cent)Food and beverage services (29 percent)Information and communications (10 percent)Finance and insurance (6 percent)Real estate (8 percent)Professional services (26 percent)Recreation, community and personal services (11 percent)Administrative and support services alone recorded unchanged sentiments.In the accommodation industry, hoteliers continue to expect Singapore to be a popular travel destination, and project an increase in tourist numbers during the year-end festive period.Businesses in the retail trade as well as food and beverage services attributed their positivity to expectations of increases in sales due to the upcoming Christmas, New Year and Chinese New Year festive periods.A net weighted balance of 10 percent of firms in the services sector foresee higher revenue in the last quarter of the year, the same as in Q3, with all industries projecting higher revenues.Some 20 percent or more of businesses in the accommodation, food and beverage services, and professional services industries expect this.In terms of employment, all industries in the services sector expect to increase hiring activities in Q4, with a net weighted balance of 12 percent foreseeing this, against 9 percent for Q3.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":2,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1133996659"}