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Singapore’s manufacturing output gained 7.6% last month on a year-on-year basis, beating expectations due to output gains from the biomedical manufacturing and electronics clusters.
Analysts had expected manufacturing to increase by 4.2% for last month. Excluding the biomedical manufacturing cluster, manufacturing output rose by 5.3% on a year-on-year basis.
On a seasonally-adjusted month-on-month basis, manufacturing output increased 2.8% in November, supported by the biomedical cluster. On a cumulative period from January to November, total manufacturing gained by 7.9% on a year-on-year basis.
The electronics cluster, which contributes close to one-third of total manufacturing output, rose 11.2% on a year-on-year basis for last month, reversing from the two straight months of decline in October and September. The increase in November was supported mainly by output from the semiconductors and infocomms and consumer electronics segments.
The biomedical manufacturing cluster rose 18.5%, as pharmaceuticals and medical technology outputs rose by 23.9% and 6.6%, respectively.
The chemicals cluster gained by 3.4%, supported by the specialties and other items segments, which rose by 6.6% and 18.7%, respectively. The transport engineering cluster increased by 11.3%, as manufacturing output for marine and offshore engineering, aerospace, and land segments rose.
Meanwhile the precision engineering and general manufacturing clusters declined by 8.2% and 0.8%, respectively. The precision engineering cluster saw both its machinery and systems segment and precision modules and components segment contract in output, while the general manufacturing industries segment shrank due to a fall in printing output.