The FINANCIAL — Singapore’s industrial production declined more than expected in August, as the electronics sector continued to drag on overall output, according to Nasdaq.
Manufacturing output fell 7.0% year-over-year in August, compared with a revised 6.4% fall in July, according to preliminary data released by the Economic Development Board on September 25. A poll of seven analysts by The Wall Street Journal predicted a 5.1% fall.
Measured on a seasonally-adjusted basis, manufacturing output fell 3.7% month-over-month in August, compared with a revised 0.7% rise in July. The poll of analysts had forecast a 3.1% fall over the previous month.
Electronics output, which accounts for a third of Singapore’s total production, fell 10.9% on-year in August, compared with a 7.4% fall in July.
Production in the volatile pharmaceutical segment contracted at a slower pace at 6.3% from a year earlier, compared with a revised 18.0% fall in July. Production in the biomedical sector, which also includes medical devices, fell 2.2% year-over-year in August, compared with a 12.9% decline in July.
Excluding biomedical manufacturing, output fell 8.1% year-over-year in August, compared with a 4.5% fall in July, the data showed.
Production in transport engineering, another volatile sector, fell 14.5% from a year earlier in August, compared with a revised 5.8% decline in July. Production in the marine-and-offshore engineering segment contracted 26.7% from a year earlier in August, compared with a 9.9% fall the previous month, while the aerospace industry posted a 20.8% gain in August, compared with a 4.3% rise in production in July.
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