ASEAN KEY DESTINATIONS
Singapore manufacturing output down 1.9% on-year in December
SINGAPORE: Manufacturing output in the Republic fell 1.9 per cent on-year in December 2014, dragged down by a decline in the transport engineering and general manufacturing sectors, the Singapore Economic Development Board (EDB) said on Monday (Jan 26).
December's manufacturing data is better than expected, as economists had expected manufacturing output to shrink by a larger 4 per cent from a year ago.
Excluding biomedical manufacturing, output decreased 2.1 per cent from a year ago, the EDB said. On a seasonally adjusted month-on-month basis, manufacturing output rose 1.8 per cent, but increased 1.5 per cent when biomedical manufacturing was excluded.
Output for the precision engineering cluster rose 10.9 per cent on-year in December, with the machinery and systems segment growing 12.9 per cent and the precision modules and components segment gaining 8.4 per cent.
Output for the transport engineering cluster registered the highest decrease - dropping 6.8 per cent on-year in December. The aerospace segment fell 16.6 per cent due to weak demand for engine repairs.
The general manufacturing industries cluster fell 4 per cent on-year in the same month, dragged down by a drop in output from the miscellaneous industries and printing segments.
Meanwhile, the chemicals cluster contracted 2.7 per cent in December. Despite a 6.1 per cent growth in the other chemicals segments, output for the chemical sector was dragged down by petrochemicals and petroleum refining segment, which declined 3.5 per cent and 12.5 per cent, respectively.
The electronics cluster also suffered a decrease in output, falling 2.4 per cent. While the other electronics modules and components and infocomms and consumer electronics segments grew 21.7 per cent and 2.9 per cent, respectively, this was offset by declines in other segments.
Output for the biomedical manufacturing cluster dropped 1.0 per cent. Pharmaceuticals output declined 1.8 per cent but medical technology segment grew 1.9 per cent on the back of strong export demand for new medical devices.
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