Singapore factory output jumps 29.1% in October boosted by pharma surge

[SINGAPORE] Singapore’s factory output jumped 29.1 per cent year on year in October on the back of a surge in pharmaceutical manufacturing, accelerating from the previous month’s rally, data from the Economic Development Board (EDB) showed on Wednesday (Nov 26).

Manufacturing output grew a revised 16.2 per cent in September, swinging from a contraction in the preceding month.

Excluding the typically volatile biomedical manufacturing, industrial production in October expanded 15.8 per cent year on year.

On a seasonally adjusted monthly basis, overall output grew 11.5 per cent in October. Excluding biomedical manufacturing, output rose by 11.7 per cent.

Cluster performance

Factory output grew across the board, except for general manufacturing.

Biomedical manufacturing in October leapt by 89.6 per cent year on year, fueled by a 122.9 per cent surge in the pharmaceuticals segment.

This was on account of higher production of active pharmaceutical ingredients and biological products, EDB said. Meanwhile, the medical technology segment grew 7.3 per cent.

Transport engineering was the next best performing cluster, as output increased 29.5 per cent year on year.

This was largely driven by the aerospace segment, which was bolstered by higher production of aircraft parts and more higher value maintenance, repair and overhaul jobs from commercial airlines.

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The lynchpin electronics cluster posted a 26.9 per cent year-on-year expansion in output, supported by a 155.6 per cent surge in the infocomms and consumer electronics segment.

Precision engineering output grew 12.2 per cent year on year, helped by the machinery and systems segment

The chemicals segment reported a 2.2 per cent year-on-year rise in output, with expansions in the specialties segment offset by declines in the chemicals and petroleum segments.

General manufacturing was the poorest performer with a 5.6 per cent year-on-year contraction.