SINGAPORE – Singapore's industrial output coincided with economist forecasts, with growth rates slowing last month, even when pharmaceutical products continued to support industrial production.
The manufacturing sector recorded an annual expansion of 6 percent in July, lower than the revised 8 percent growth in June, according to data from Economic Development Board (EDB) released on Friday, August 24th. The factory output reached 10.9 percent and 13.0 percent in April and May this year.
Excluding biomedical production, industrial production rose by 5.1 percent year on year.
The growth of the sector was largely broad, with the general industry being the only cluster that reported a contraction with a 0.6 percent dip on an annual basis.
The biomedical cluster recorded a 10.1 percent higher production, compared to 13.1 percent the previous month. The excessive contribution was fueled by the expansion of the pharmaceutical industry by 14.1 percent, even when the medical technology segment shrank again, by 1.2 percent.
Chemicals also took the lead, while the cluster showed an increase of 7.4 percent in production – compared with 1.7 percent in June – especially on the growth of petrochemicals and other chemicals. "On the other hand, the throughput of crude oil dropped by 3.6 percent due to a halt to factory maintenance," noted the EDB.
But the electronics cluster continued to decrease steam, with an increase of 5.4 percent in July, which dropped from 7.9 percent in June. The increase in production output was led by the other segment of electronic modules and components, followed by semiconductors, then infocomms and consumer electronics.
In transport technology, production increased by 9.6 percent, with the production of the aerospace segment increasing by 23.5 percent on the higher volume of repair and maintenance work by commercial airlines. The recovery in the shipping and offshore engineering segment continued with a more subdued 1.4 percent, while the export of soil technology fell by 9.8 percent.
The production of precision technology grew by 3.4 percent in July, a small 4.3 percent a month earlier, supported by the higher production of cooling systems, process control equipment and machine construction in the machinery and systems segment.