Warmly celebrate Luxi Chemical Group joined ECHEMI B2B platform

Singapore is connected to over 600 ports in 120 countries and is home to one of the busiest container hub ports in the world.

Singapore’s industrial production market has once again fallen, making this the eleventh consecutive month that the sector experienced a decline. For December, the decline was more than what was initially forecasted, as the main marine transport and electronic sectors continue to suffer.

On Tuesday, preliminary data was released by the Economic Development Board (EDB), showing that manufacturing output declined 7.9% year-on-year in the month of December, when compared to a drop of 6.4% in November.

Based on polls by a panel of analysts, the predicted decline was 7.5%. The data also showed that when measured on a seasonally adjusted basis, manufacturing output in December grew 2% from the prior month, compared to a revised 3.9% drop in November.

In December, there was a 12.4% fall in electronics output, which is responsible for almost a third of Singapore’s total production, when compared to an adjusted 13.9% fall the previous month.

Production slumped 26.4% year-on-year in the volatile transportation engineering sector for the month of December, deteriorating from a 12.9% fall in November. As for production numbers in the marine and offshore engineering sector, there was a fall of 40.3% year-on-year in December, from a November adjusted total of 22.9%.

The only notable industry with minimal decline was the aerospace sector, which posted a 15.4% output increase in December when compared to growth of 18.2% in the previous month. Another volatile sector, pharmaceuticals, fell to 10.4% year-on-year growth after a revised decline of 9% in November.

The biomedical industry, which is inclusive of medical devices, recorded a 16.2% year-on-year rise in December, reversing a previous November fall of 1.2%.

The marine engineering and pharmaceutical sectors are highly volatile based on the arguably steeper values of individual contracts. A drilling rig or a shipment of costly cancer medication can swing the output percentage in any given month.