Manufacturing output down 2.4% in May

The chemicals, precision engineering and electronics industries led the decline.

Manufacturing output fell 2.4% YoY, or 0.7% MoM, in May, according to the Economic Development Board.

Excluding biomedical manufacturing, manufacturing output fell 4.9% YoY and fell 2.1% on a three-month moving average basis.

This was attributed to declines in chemicals, precision engineering and electronics industries.

The electronics segment saw the worst performance as output fell 10.8% YoY in May. Infocomms & consumer electronics and other electronic modules & components segments grew 6.2% and 0.8% respectively, whilst the rest of the electronic segments contracted. Cumulatively, the electronics cluster’s output fell 4.5% YoY in the first five months of 2019.

Precision engineering output was down 4.7% YoY after its machinery & systems segment declined 16.6%. The precision modules & components segment grew 17.1%.

Meanwhile, chemicals output dipped 0.4% YoY even as chemicals, specialties and petroleum segments rose 5.1%, 4.3% and 1.6%, respectively. This was offset by a 9.5% decline in the petrochemicals segment.

Countering the manufacturing output’s decline, biomedical manufacturing output climbed 8.8% YoY. Its pharmaceuticals output expanded 15.9% whilst the medical technology segment contracted 6.8%, on the back of lower export demand for medical devices.

General manufacturing output also rose 4.9% YoY, as the food, beverages & tobacco segment grew 9.3% and its miscellaneous industries segment was up 3%. The printing segment declined 9.1%.

Lastly, transport engineering output grew 2.9%, after the aerospace and land transport segments rose 17.2% and 0.6% respectively. On the other hand, the marine & offshore engineering segment fell 10.9%, recording lower levels of offshore and shipbuilding & repairing activities.