Singapore Factory Output Growth Rises to 0.9% in September

businesstimes2022-10-26

Singapore’s factory output grew 0.9 percent year on year in September, accelerating from the previous month’s revised 0.4 percent rate, according to data from Singapore Economic Development Board (EDB...

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Amytok
2022-10-26
Amytok
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The month’s figures, though a reversal from the slowing growth since May, were below a Bloomberg poll of private-sector economists’ median estimates of 1.2 percent growth.Excluding the volatile biomedical cluster, factory output grew by 2 percent, compared to a 1.2 percent fall in the preceding month.These figures came as declines were recorded in the electronics, chemicals and biomedical manufacturing clusters, and Singapore’s purchasing managers’ index fell in September to below the 50.0 border to contract for the first time in two years.The key electronics sector recorded a 7 percent contraction year on year, against a 7.8 percent contraction in August. The cluster was dragged down by declines in most segments, excluding the infocomms and consumer electronics segment, which grew by 21.8 percent on the year.All other segments shrank, with other electronic modules and components declining most significantly (-29.1 percent), followed by computer peripherals and data storage (-15.2 percent) and semiconductors (-8.4 percent).Biomedical manufacturing output also declined by 3.5 percent in September from the year ago period. While the medical technology segment expanded 6.3 percent with higher demand for medical devices from the US, Europe and China, pharmaceuticals contracted 8.5 percent with a different mix of active pharmaceutical ingredients being produced compared to a year ago.Also seeing a contraction was the chemicals cluster (-7.1 percent), extending the 11.6 percent fall in August.The petroleum segment grew 12.1 percent on account of higher demand for jet fuel driven by the relaxation of global air travel restrictions. However, the petrochemicals segment saw output fall 14.7 percent due to plant maintenance shutdowns.Output also fell for the other chemicals (-12.7 percent) and specialties (-2.3 percent), as the former reported lower output of fragrances while the latter saw lower production of mineral oil additives and industrial gases.The remaining clusters saw growth:Precision engineering (7.7 percent)Transport engineering (38 percent)General manufacturing (23.3 percent)In precision engineering, the machinery and systems segment increased 17.2 percent, on account of higher output of semiconductor foundry equipment and process control equipment.On a seasonally adjusted, monthly basis, manufacturing output remained unchanged in September. But excluding biomedical manufacturing, factory output grew 2.8 percent.For the year to date, overall manufacturing grew by 3.9 percent year on year, or 5.4 percent excluding biomedical manufacturing.","kind":"news","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":[{"id":9988277171,"gmtCreate":1666774929693,"gmtModify":1676537804437,"author":{"id":"4100700482140880","authorId":"4100700482140880","name":"Amytok","avatar":"https://static.tigerbbs.com/c8dbd8b031b03a5195e77ebd612ad40f","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"4100700482140880","idStr":"4100700482140880"},"htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9988277171","repostId":1193566812,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":47,"commentSize":1,"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":"4.29.3","shortVersion":"4.29.3","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/1193566812"}