Singapore (CU)_ In May, Singapore’s industrial production increased by 13.8% year-on-year due to a robust demand for semiconductors in the midst of a global chip shortage. According to the latest data from the Economic Development Board (EDB), excluding biomedical output, production increased by 18%. May’s growth is more than April’s revised annual growth rate of 6.4%.
May’s manufacturing production climbed by 10.9% on a seasonally adjusted month-to-month basis. Excluding biomedical manufacturing, production increased by 9.8%. The production of the electronics cluster increased by 33.6% on an annual basis in May. According to EDB, the semiconductors industry rose 45.7% due to high demand from 5G markets and data centers in the midst of a global chip scarcity.
The electronics cluster grew by 17.3 percent from January to May 2022, compared to the same period in the previous year. May output for the precision engineer cluster increased 3.2% annually. The machinery and systems section climbed 6.9%, as a result of an increase in semiconductor foundry equipment production.
The transport engineering cluster grew by 12.9% in May as compared to the previous year. As a result of the removal of worldwide air travel restrictions, the aerospace industry grew by 27.2% due to increased manufacturing of aircraft parts and an increase in commercial airline maintenance, repair, and overhaul work. The marine and offshore engineering sector grew by 8.2% due to an increase in offshore project work.
In May, general manufacturing production climbed 9 percent year-over-year, with gains across all categories. The food, beverage, and tobacco sector grew by 14.7%, as output of beverage goods, milk products, and animal feed increased. With increased demand for medical products in the US and the European Union, the medical technology sector expanded by 2.7%.
