Manufacturing output contracts 4.1% y-o-y

SINGAPORE - Total manufacturing output contracted 4.1 per cent in March, compared to the same time last year, the Economic Development Board (EDB) said today.

On a seasonally adjusted month-on-month basis, manufacturing output increased 6.2 per cent in March 2013.

Excluding biomedical manufacturing, output was unchanged from the previous month.

On a year-on-year basis, Singapore's manufacturing output contracted 4.1 per cent in March 2013. Excluding biomedical manufacturing, output fell 8.6 per cent.

Output of the biomedical manufacturing cluster grew 16.2% in March on a year-on-year basis.

Here is the press release from EDB:

Total Manufacturing Performance

On a seasonally adjusted month-on-month basis, manufacturing output increased 6.2 per cent in March 2013. Excluding biomedical manufacturing, output was unchanged from the previous month. On a year-on-year basis, manufacturing output contracted 4.1 per cent in March 2013. Excluding biomedical manufacturing, output fell 8.6 per cent. On a three-month moving average basis, manufacturing output declined 6.8 per cent in March 2013, compared to a year ago.

Performance by cluster

Output of the biomedical manufacturing cluster grew 16.2 per cent in March 2013 on a year-on-year basis. The medical technology segment expanded 18.2 per cent on the back of higher production capacities compared to a year ago, and the pharmaceuticals segment increased 15.8 per cent due to a different product-mix. On a year-to-date basis, output of the biomedical manufacturing cluster shrank 5.4 per cent, compared to the same period a year ago.

The chemicals cluster's output declined 2.7 per cent in March 2013, compared to the same period a year ago. The petrochemicals and other chemicals segments rose 3.0 per cent and 1.2 per cent respectively, but this was offset by contraction in the specialties (-4.0 per cent) and petroleum (-11.9 per cent) segments. Output of the specialties segment fell with lower regional demand while petroleum throughput was affected by maintenance shutdowns. Output of the chemicals cluster in the first three months of 2013 fell 1.1 per cent on a year-on-year basis.

The general manufacturing cluster's output contracted 2.9 per cent year-on-year in March 2013, with all segments recording lower output. In particular, printing output was 8.5 per cent lower as demand for reproduction of recorded media, and printing of books & periodicals remained weak. On a year-to-date basis, output of the general manufacturing cluster rose 0.3 per cent.

Output of the electronics cluster fell 7.2 per cent in March 2013, compared to the same period a year ago. While the other electronic modules & components segment expanded 29.7 per cent, the other segments recorded output declines. In particular, output of the data storage segment shrank 31.8 per cent due to the high base last year, when production was ramped up to make up for shortages caused by the flood in Thailand. Cumulatively, output of the electronics cluster contracted 9.8 per cent from January to March this year, compared to the same period last year.

Output of the transport engineering cluster fell 13.5 per cent year-on-year in March 2013. The marine & offshore engineering segment contracted 19.0 per cent due to lower output recognition from oil rig projects and ship building & conversion jobs. Output of the transport engineering cluster in the first three months of 2013 declined 8.1 per cent, compared to the same period last year.

Output of the precision engineering cluster declined 14.7 per cent year-on-year in March 2013. The precision modules & components segment fell 13.9 per cent with lower production of metal precision components and dies, moulds, jigs & fixtures. The machinery & systems segment declined 15.4 per cent, on account of lower output of semiconductor related equipment. Overall, output of the precision engineering cluster shrank 10.5 per cent year-on-year in the first three months of this year.

The next monthly manufacturing performance media release will be issued on 23 May 2013.