Singapore’s manufacturing output rebounds after year-long slump
Singapore’s manufacturing output in October surpassed market expectations with a 7.4% year-on-year rebound after a year-long slump, thanks to growth in the key electronics industry, particularly semiconductors, the country's Economic Development Board (EDB) has reported.
Singapore's electronics production rose 14.8% year on year, with the semiconductor segment expanding 17.8% (Photo: VNA)
Singapore (VNA) 🗹– Singapore’s manufacturing output in Octobersurpassed market expectations with a 7.4% year-on-year rebound after ayear-long slump, thanks to growth in the key electronics industry, particularlysemiconductors, the country's Economic Development Board (EDB) has reported.
Notably, the turnaround was led by the electronicsindustry, which accounts for about 45% of local manufacturing production.
ꦡ Electronics recorded a 14.8 % year-on-year jump, withthe semiconductor segment expanding 17.8%. This was the second straight monthof expansion for both electronics and chip production.
The transport engineering industry also helped lift theoverall manufacturing sector, with output rising 12 %. Much of this was due to a surge in marine andaerospace on the back of higher demand for aircraft parts and additionalmaintenance, repair and overhaul jobs from commercial airlines, which, in turn,benefited from strong air travel demand globally. However, Maybank economist Brian Lee noted thatthe numbers may be flattered by the low base of comparison, particularly forexports and manufacturing. Nevertheless, he expected fourth-quarter economicgrowth to exceed 2% year on year, adding the latest data confirms thatthe economy is on track for a stronger recovery heading to the new year, ledby outward-facing sectors. According to the EDB, the worst of the slump is behind the country butthe global economic backdrop is still uncertain; high interest rates inadvanced economies, bumpy conditions in China and lingering geopoliticaltensions can yet disrupt supply chains. These can keep Singapore’smanufacturing recovery fragile./.
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Singapore's electronics production rose 14.8% year on year, with the semiconductor segment expanding 17.8% (Photo: VNA) 
