Singapore Industrial Output Falls as Estimated in September

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Singapore’s industrial production declined nearly in line with expectations in September, as the key electronics and marine engineering sectors continued to drag overall output.

Manufacturing output fell 4.8% year-over-year in September, compared with a revised 7.1% fall in August, according to preliminary data released by the Economic Development Board on Monday. A poll of five analysts by The Wall Street Journal had predicted a 4.6% decline.

Measured on a seasonally adjusted basis, manufacturing output rose 0.5% month-over-month in September, compared with a revised 3.7% fall in August. The poll of analysts had forecast a 1.0% rise over the previous month.

Electronics output, which accounts for a third of Singapore’s total production, fell 8.6% from a year earlier in September, compared with a 10.7% fall in August.

Production in transport engineering, another volatile sector, fell 24% from a year earlier in September, compared with a revised 16% decline in August. Production in the marine-and-offshore engineering segment contracted 30.5% from a year earlier in September, worse than a 28.8% fall in August, while the aerospace industry posted a 5.8% decline in September, reversing a 20.9%gain in August.

Production in the volatile pharmaceutical segment jumped 29.2% from a year earlier, reversing a 6.3% contraction in August. Production in the biomedical sector, which also includes medical devices, rose 26.3% year-over-year in September, compared with a 1.7% decline in August.

Excluding biomedical manufacturing, output fell 10.2% year-over-year in September, compared with a 8.4% fall in the previous month, the data showed.

 

 

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