Factory output in Singapore posts stellar 21% growth in July

Latest figures from the Economic Development Board of Singapore revealed that the country's manufacturing output accelerated to 21% growth in July.

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The solid growth across all manufacturing clusters has led to the acceleration in Singapore factory output, which posted a 21 percent expansion in July.

In the latest figures by the Economic Development Board of Singapore, it was revealed that the electronics cluster recorded the strongest growth at 49.1 percent.

This was on the back of the massive demand for semiconductors, computer peripherals, and info comms & consumer electronics segments. The cluster was slightly badgered by lower output of other electronic modules & components as well as data storage.

The precision engineering cluster reflected the second highest output growth at 21.8 percent, thanks to the 25.4 percent expansion in the machinery & systems output.

Meanwhile, the higher production of dies, moulds, tools, jigs & fixture, and optical instruments paved the way for the 15.9 percent growth in the precision modules & components segment.

The volatile biomedical manufacturing cluster turned to positivity for the said month due mainly to the development seen in the medical technology cluster whose output expanded by 17.7 percent. The unstable pharmaceutical segment expanded by 0.6% with the higher production of biological products.

A 4.9 percent growth was recorded in the general manufacturing cluster, which reaped benefits from the increased beverages and milk production.

This was slightly offset by the decline in construction-related materials as well as in the printing segment.

The chemicals cluster also saw its output growing in the month of July, up 4.8 percent. Its petrochemicals, petroleum and specialties segments grew 20.3 percent, 5.9 percent, and 1.5 percent respectively.

The growth in petrochemicals output was mainly due to the low base last year as some plants ceased its operations. Bucking the trend in the segment is the lower output of fragrances that led to the 5.4 percent dip in other chemicals segment.

Lastly, the transport engineering got a dose of expansion from the land transport and aerospace segments which expanded by 21 percent, and 14.1 percent, respectively. However, its marine segment remained a drag, with outputs declining 9.1 percent.