Economy
Singapore’s manufacturing output declines by 3.9% in June 2024
Singapore’s manufacturing output fell 3.9% in June 2024 year-on-year. Excluding biomedical, it decreased 1.6%. Transport engineering and chemicals clusters saw growth, while electronics and biomedical declined.
Singapore’s manufacturing output dropped by 3.9% in June 2024 compared to the same period last year, with a milder decline of 1.6% excluding biomedical manufacturing, according to Economic Development Board data released on July 26.
On a three-month moving average basis, the output decreased by 1.0% year-on-year. Seasonally adjusted month-on-month data showed a 3.8% decline, and a steeper 6.4% decrease excluding biomedical manufacturing.
Transport Engineering: The output surged by 10.3% year-on-year in June 2024. The marine and offshore engineering segment expanded by 19.5% due to increased shipyard activity and higher production in oil and gas field equipment.
The aerospace segment grew by 12.4%, driven by higher production of aircraft parts and more maintenance, repair, and overhaul jobs from commercial airlines. For the first half of 2024, the transport engineering cluster’s output expanded by 12.1% compared to the same period in 2023.
Chemicals: The chemicals cluster saw a 5.9% year-on-year increase in output for June 2024. The specialties segment grew significantly by 17.3%, driven by higher production of mineral oil and food additives.
The petroleum and petrochemicals segments also experienced growth, with increases of 7.2% and 3.5%, respectively, from a low production base last year due to plant maintenance shutdowns. Conversely, the other chemicals segment declined by 2.0% due to lower output of fragrances. Year-to-date, the chemicals cluster grew by 6.1%.
General Manufacturing: This cluster experienced a modest increase of 1.6% year-on-year in June 2024. The food, beverages, and tobacco segment grew by 6.9%, while the printing segment increased by 2.0%.
However, the miscellaneous industries segment contracted by 6.4% due to lower production of construction-related materials. Overall, general manufacturing output decreased by 0.4% for the period from January to June 2024.
Precision Engineering: The cluster’s output declined by 3.2% year-on-year in June 2024, with all segments recording declines.
The precision modules and components segment decreased by 0.8%, and the machinery and systems segment contracted by 4.4%. Despite these declines, year-to-date output for the precision engineering cluster increased by 1.3%.
Electronics: The electronics cluster saw a 5.5% year-on-year decrease in output for June 2024.
Despite growth in the infocomms and consumer electronics (20.9%), computer peripherals and data storage (14.3%), and other electronics modules and components (6.5%) segments, the semiconductors segment declined by 9.4%. Overall, the electronics cluster contracted by 0.6% year-on-year for the first half of 2024.
Biomedical Manufacturing: This cluster experienced a significant contraction of 23.2% year-on-year in June 2024.
While the medical technology segment increased by 11.4%, supported by export demand for medical devices, the pharmaceuticals segment saw a sharp decline of 47.1% due to a different mix of active pharmaceutical ingredients produced compared to the previous year. Year-to-date, the biomedical manufacturing cluster decreased by 24.4%.
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Don’t worry, we can just mask the decrease in GDP by renovating another park or building a new condominium.
How about we demolish a functional bus interchange and build a “temporary” bus interchange?
Everywhere else BOOM town,only here it is DOOM town!!!
ALL the pepee ecolytes run & take cover – don’t know what to say aaH???
It’s kind of dumb to permit a strong Sing Dollar – it discourage buy local origin, decline support for local manufacturing.
But primarily FUNDAMENTALLY FULFILLS PAP strategy of ENTICING For Trash to come SG to provide CHEAP labour for factories and commercial entities to SURVIVE, SURVIVE do NOT MEAN proaoer and GROW.
It also ENCOURAGE F Trash to LIVE in SG, albeit SURROUNDED HIGH INFLATION.
It too ENCOURAGE loss of FOREX bcz SING drained as tourist spending of SG in foreign lands.
PAP never never stops to fool Singaporeans with it’s myriad of endless jokes ever so often.
No wonder Singaporeans TOES has grown bigger in sizes result from PAP tickles.
And laughing gases gets to stink the SG Air.
So plainly speaking, all the mass importing of aliens into tiny SG failed. And it means the economy is in a state of decline and population is not doing as well. Maybe some doing well, majority are not
S2
Strong sing dollar and most powerful passport, … perfect duo for travelling with. But, what good is that when you return to reality, … with unemployment on the rise, cost of living so high that it’s getting noticed and credited as 2nd costliest on planet earth, and now, … economic woes in the form of manufacturing decline, meaning trade declination !!! All this, … and still public housing resale breaking records along with escalating COE’s !!! SillyPore is truly off the chart, … when most of the increases is man~made, by the costliest regime on planet earth !!! SillyPoreans had… Read more »
Why is it 3.9% and not 4.0% or 4.9% or 2.9%?
Who or what proves this beyond reasonable doubt? Base on Believing? So one can choose to believe it or don’t believe it?
That is the effect of strong currency.
When Trump reclaim Presidency administration, SGD might increase further.
If anyone thinks that a strong currencies is good, then how comes cost of living kept running off-course for us all? The same thing cost more using SGD than using other currencies.