Bernama – Singapore’s manufacturing output in December 2023 decreased by 2.5% year-on-year (y-o-y), the Economic Development Board (EDB) of Singapore announced yesterday.
Manufacturing output increased by 1.4% year-on-year in December 2023 on a three-month moving average basis, the EDB said in a statement.
“On a seasonally adjusted month-on-month basis, manufacturing output decreased by 1.7%,” the agency under the Ministry of International Trade and Industry said.
Looking at performance by cluster, the company said electronics production in December 2023 increased by 6.3% year-on-year, while the semiconductor sector expanded by 17.7%, supported by improved demand in some end markets such as smartphones.
Conversely, the other electronics modules and components, computer peripherals and data storage, information and communications and consumer electronics segments contracted by 7.8%, 17.0% and 18.1%, respectively.
“Overall, the output of the electronics cluster decreased by 3.2% in 2023 compared to 2022,” EDB said. It added that chemical production in December 2023 increased by 2.8% compared to the previous year.
The specialty products and petroleum sectors grew by 29.1% and 1.7%, respectively, with the former recording an increase in production of mineral oil additives.
In contrast, other chemicals decreased by 5.4% due to lower fragrance production, and petrochemicals decreased by 5.5% due to weaker market demand.
