Manufacturing output up 16.5% in March

Pharmaceuticals output skyrocketed 126.6%.

Singapore’s manufacturing output jumped 16.5% YoY in March, according to figures from the Economic Development Board. Excluding biomedical manufacturing, output was unchanged.

On a quarterly basis, manufacturing output inched up 6.6% YoY in Q1. It also rose 21.7% in March on a MoM basis.

The boost was led by biomedical manufacturing where output skyrocketed 91.4% YoY in March. Pharmaceuticals output surged 126.6% YoY, on the back of higher production of active pharmaceutical ingredients and biological products. The medical technology segment also grew 6.3% with higher export demand for medical devices.

Following this, precision engineering expanded 21.2% YoY over the same period as the machinery & systems segment edged up 28.7%. Transport engineering output rose 7.6% YoY thanks to the land transport and aerospace segment which jumped 15.2% and 11.9%, respectively, with the latter registering higher levels of repair and maintenance activities from commercial airlines.

However, the precision engineering output was countered by the marine & offshore engineering segment that fell 0.7% YoY, due to lower level of work done in offshore projects.

Chemicals output edged up 0.8% YoY in March as the petroleum refining output increased 30.9% on the back of maintenance shutdowns a year ago. The specialties segment grew 8.8% with higher production of industrial gases and additives, whilst the other chemicals segment rose 5.9% on account of higher output of fragrances. By contrast, the petrochemicals segment contracted 7.2%.

On the other hand, output from general manufacturing dipped 7.9% YoY in March after all segments posted output declines. The miscellaneous industries, printing, and food, beverage & tobacco segments contracted 5.2%, 7.7% and 9.8% YoY, respectively.

Lastly, the electronics output slid 9.2% YoY as all of its segments also fell.

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