The FINANCIAL — Singapore’s manufacturing output declined more than expected in July, dragged by a continued fall in electronics and worsening performance in the biomedical sector, according to Nasdaq.
Manufacturing output fell 6.1% year-over-year in July, compared with a revised 4.0% fall in June, according to preliminary data released by the Economic Development Board on August 26. Five analysts polled by The Wall Street Journal predicted a 3.3% fall.
Measured on a seasonally-adjusted basis, manufacturing output grew 1.0% month-over-month in July, compared with a revised 2.8% decline in June. Analysts in the poll had forecast a 3.1% rise over the previous month.
Electronics output, which accounts for a third of Singapore’s total production, fell 5.8% in July, extending a revised 1.8% decline in June.
Production in the volatile pharmaceutical segment contracted 18.1% from a year earlier, compared with a 2.4% fall in June. Production in the biomedical sector, which also includes medical devices, fell 13.4% year-over-year in July, compared with a 0.5% decline in June. Excluding biomedical manufacturing, output fell 4.1% year-over-year in July, compared with a 4.8% fall in June, the data showed.
Production in transport engineering, another volatile sector, fell at a slower pace of 6.1% from a year earlier in July, compared with a revised 16.4% decline in June. Production in the marine-and-offshore engineering segment contracted 10.2% from a year earlier in July, compared with a 20.1% fall the previous month, while the aerospace industry posted a 4.3% gain in July compared to 15.3% drop in production in June.
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