Singapore industrial output falls 7.8% in August with pharma slump

Maybank attributed the August dip to front-loading in July ahead of higher reciprocal tariffs across Asia.

Singapore’s industrial production fell 7.8% YoY in August, reversing July’s gains and ending a 13-month growth streak, according to Maybank Research.

On a seasonally adjusted basis, output dropped 9.7% MoM. Excluding biomedical manufacturing, output eased by a milder 2.9% YoY.

The sharp decline was led by biomedical manufacturing, which plunged 37.3% YoY, as pharmaceutical output dropped nearly 60% due to product-mix shifts and base effects.

Electronics also fell 4.8% YoY, weighed down by contractions in semiconductors (–8.8%), other modules and components (–13.1%), and peripherals/data storage (–16.8%). Despite the pullback, electronics output in August remained the second-highest level recorded this year.

Offsetting some of the weakness were gains in transport engineering, which surged 18.9% y/y—driven by a 36% jump in aerospace—and chemicals, which rose 3.5% YoY, supported by petroleum and specialty chemicals.

Maybank attributed the August dip to front-loading in July ahead of higher reciprocal tariffs across Asia from 7 August, as well as unfavorable base effects. It noted that industrial production excluding biomedical manufacturing stayed close to 2025 highs outside of July’s peak.

Looking ahead, Maybank expects Singapore’s GDP to grow 2.4% YoY in the third quarter, slowing from 4.4% in Q2.

Its full-year 2025 GDP forecast remains at 3.2%. The bank also expects the Monetary Authority of Singapore (MAS) to maintain its modest appreciation stance in October, citing resilient growth and contained inflation.

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