Singapore (VNA) – Singapore's manufacturingsector was the silver lining of 2020, with the sector posting growth for the fullyear, according to data released by the Economic Development Board (EDB) onJanuary 26.
The sector expanded 14.3 percent year on year last month.Excluding biomedical manufacturing, output grew 19.8 percent.
Overall, manufacturing output increased 7.3 percent lastyear, compared with 2019.
The chemicals cluster grew by 12.3 percent year on yearlast month, with all segments except petroleum recording output growth. But forthe whole of last year, the chemicals cluster's output dipped by 1 percentcompared with 2019.
The precision engineering cluster picked up 11 percent inDecember, with the machinery and systems segment growing 12.6 percent on theback of higher output of semiconductor equipment and measuring devices. Precisionengineering output increased 10.6 percent for the year.
General manufacturing output also grew, by 5.9 percent,with increases in the food, beverages and tobacco segment, thanks to higherproduction of beverage products and milk powder. Overall, full-year output ofthe general manufacturing cluster fell 11.3 percent last year.
Meanwhile, biomedical manufacturing output fell by 13.2 percentlast month. The medical technology segment grew 7.3 percent with higher exportdemand for medical devices. But the pharmaceuticals segment fell 22.8 percent,with lower production of biological products.
Overall, the biomedical manufacturing cluster's outputstill rose 23.7 percent last year compared with a year earlier.
With the COVID-19 pandemic, transport engineering outputfell 31.5 percent year on year in December and 25.7 percent for last year.
The future remains bright for manufacturing, expertssaid.
UOB economist Barnabas Gan said on the back of aneconomic recovery in 2021 amid potentially higher oil prices, sectors which hadpreviously seen a full-year contraction could revert to positive growth. Theseinclude transport engineering, general manufacturing and chemicals clusters./.
The sector expanded 14.3 percent year on year last month.Excluding biomedical manufacturing, output grew 19.8 percent.
Overall, manufacturing output increased 7.3 percent lastyear, compared with 2019.
The chemicals cluster grew by 12.3 percent year on yearlast month, with all segments except petroleum recording output growth. But forthe whole of last year, the chemicals cluster's output dipped by 1 percentcompared with 2019.
The precision engineering cluster picked up 11 percent inDecember, with the machinery and systems segment growing 12.6 percent on theback of higher output of semiconductor equipment and measuring devices. Precisionengineering output increased 10.6 percent for the year.
General manufacturing output also grew, by 5.9 percent,with increases in the food, beverages and tobacco segment, thanks to higherproduction of beverage products and milk powder. Overall, full-year output ofthe general manufacturing cluster fell 11.3 percent last year.
Meanwhile, biomedical manufacturing output fell by 13.2 percentlast month. The medical technology segment grew 7.3 percent with higher exportdemand for medical devices. But the pharmaceuticals segment fell 22.8 percent,with lower production of biological products.
Overall, the biomedical manufacturing cluster's outputstill rose 23.7 percent last year compared with a year earlier.
With the COVID-19 pandemic, transport engineering outputfell 31.5 percent year on year in December and 25.7 percent for last year.
The future remains bright for manufacturing, expertssaid.
UOB economist Barnabas Gan said on the back of aneconomic recovery in 2021 amid potentially higher oil prices, sectors which hadpreviously seen a full-year contraction could revert to positive growth. Theseinclude transport engineering, general manufacturing and chemicals clusters./.
VNA
