Singapore's Manufacturing Output Plummets in November as Multiple Sectors Weaken

Singapore's Economic Development Board (EDB) announced on December 26 that the country's manufacturing output fell by 9.3% year-on-year (YoY) in November. In contrast, revised data showed that October's manufacturing output had grown by 3.6% YoY. Over the first 11 months of the year, total manufacturing output declined by 1.6% compared to the same period last year.

Excluding the biomedical manufacturing sector, November's manufacturing output declined by 9% YoY, following a slight 0.3% YoY drop in October. On a seasonally adjusted month-on-month (MoM) basis, November's manufacturing output decreased by 9.4%, while excluding biomedical manufacturing, the drop was 8.4%.

By industry, the electronics sector experienced a significant 20.9% YoY contraction in November. The semiconductor and computer peripherals manufacturing segments saw steep declines, while the production of data storage devices and information and consumer electronics achieved double-digit growth. Over the first 11 months of the year, the electronics sector's total output shrank by 7.8% YoY.

The precision engineering sector saw a 9.7% YoY increase in November, driven largely by growth in machinery and systems manufacturing. However, for the first 11 months of the year, total output in this sector fell by 3.3% YoY. The chemicals sector's output declined by 10% YoY in November, with the petrochemicals industry facing the most significant drop. Cumulatively, the chemicals sector's output for the first 11 months of the year was down 1.8% YoY.

Biomedical manufacturing output fell by 10.3% YoY in November, with the pharmaceutical sector seeing a notable decline. Despite this, the biomedical sector's total output for the first 11 months of the year increased by 9.7% YoY. The transport engineering sector saw a 2.1% YoY increase in November, with strong growth in the aerospace sector. However, the marine and offshore engineering segment experienced a substantial decline. For the first 11 months of the year, the transport engineering sector's cumulative output fell slightly by 0.3% YoY.

The general manufacturing sector recorded a 1.5% YoY decrease in output in November. Food, beverage, and tobacco manufacturing posted significant declines, while the miscellaneous manufacturing segment saw some growth. For the first 11 months of the year, the general manufacturing sector's total output rose by 2.4% YoY.

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