The FINANCIAL — Singapore’s industrial production declined more than expected in November, falling for the 10th consecutive month as the key electronics and marine transport sectors continued to drag, according to Nasdaq.
Manufacturing output fell 5.5% year-over-year in November, compared with a revised 4.7% drop in October, according to preliminary data released on December 24 by the Economic Development Board. A poll of four analysts by The Wall Street Journal had projected a 3.6% decline.
Electronics output, which accounts for nearly a third of Singapore’s total production, fell 11.1% in November from a year ago, compared with a 14.6% fall the previous month.
Production in the volatile transportation engineering sector fell 11.2% year-over-year in November, reversing a 0.6% gain in October. Production in the marine-and-offshore engineering segment fell 20.1% year-over-year in November from a revised 0.8% decline in October. The aerospace industry posted a 17.6% gain in output in November, accelerating from growth of 6.3% in the previous month.
Production of pharmaceuticals, another volatile sector, fell 9.0% after a 10.8% decline in October. The biomedical sector, which also includes medical devices, registered a 1.3% year-over-year fall in production in November, compared with a 1.5% decline in October.
Excluding biomedical manufacturing, output fell 6.4% year-over-year in November, compared with a 5.6% drop the previous month, the data showed.
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