Singapore’s Factory Output Shrinks By Worse-Than-Expected 3.2% in November

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Singapore’s Factory Output Shrinks By Worse-Than-Expected 3.2% in November

The Business Times2022-12-23

Singapore’s factory output contracted 3.2 percent on the year in November, registering another month of decline after October’s revised 0.9 percent decrease, according to data from the Singapore ...

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·2022-12-23
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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSingapore’s Factory Output Shrinks By Worse-Than-Expected 3.2% in November\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-12-23 13:07 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.businesstimes.com.sg/singapore/singapores-factory-output-shrinks-worse-expected-32-november><strong>The Business Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Singapore’s factory output contracted 3.2 percent on the year in November, registering another month of decline after October’s revised 0.9 percent decrease, according to data from the Singapore ...</p>\n\n<a href=\"https://www.businesstimes.com.sg/singapore/singapores-factory-output-shrinks-worse-expected-32-november\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"STI.SI":"富时新加坡海峡指数"},"source_url":"https://www.businesstimes.com.sg/singapore/singapores-factory-output-shrinks-worse-expected-32-november","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1149570338","content_text":"Singapore’s factory output contracted 3.2 percent on the year in November, registering another month of decline after October’s revised 0.9 percent decrease, according to data from the Singapore Economic Development Board (EDB) on Friday (Dec 23).The month’s figures marked a larger-than-expected fall compared to median estimates in a Bloomberg poll of private-sector economists, who had forecast a 1.2 percent contraction.Previously, October’s performance had marked the first year-on-year contraction in 13 months, but still beat economists’ expectations.Excluding the typically volatile biomedical cluster, factory output shrank 4.8 percent, falling into contraction territory after the 2.2 percent growth in the preceding month.These figures came as declines were recorded in the key electronics cluster and chemicals cluster. They are the latest in a weakening manufacturing outlook, with Singapore’s purchasing managers’ index posting a second consecutive month of contraction in October.In November, the linchpin electronics cluster recorded a 12.4 percent contraction year on year, worsening from the 0.7 percent contraction in the month before and marking the fifth straight month of decline. The cluster was dragged down by declines in most segments on the back of softening demand.The other electronic modules and components segment shrank most significantly (-21.6 percent), followed by semiconductors (-14 percent) and infocomms and computer electronics (-12.1 percent). Computer peripherals and data storage, the only segment that grew, was up 9.3 percent.Output also fell year on year for the chemicals cluster, which was down 11.3 percent. Only the petroleum segment grew (7.8 percent) on the back of higher demand for jet fuel, driven by the relaxation of global air travel restrictions.Conversely, the petrochemicals segment fell (-17.5 percent) on weak market demand and plant maintenance shutdowns; specialities were down (-12.8 percent) due to lower production of mineral oil additives and industrial gases; and other chemicals fell (-9.5 percent) as a lower output of fragrances was recorded.The remaining clusters saw growth:Transport engineering (18.8 percent)General manufacturing (10.3 percent)Biomedical manufacturing (6.9 percent)Precision engineering (4.2 percent)The majority of segments in these clusters grew, with the exceptions of medical technology in biomedical manufacturing, which was flat on the year; precision modules and components (-7.6 percent) in precision engineering; and printing (-1.7 percent) and miscellaneous industries (-4.4 percent) in general manufacturing.On a seasonally adjusted, monthly basis, manufacturing output reversed from October’s 0.6 percent growth to fall by 1.2 percent. Excluding biomedical manufacturing, factory output fell by 6 percent.For the year to date, overall manufacturing grew by 3.3 percent year on year, or 4.5 percent excluding biomedical manufacturing.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":62,"commentSize":1,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}