Singapore's Manufacturing Output Fell 6.7% in June

Singapore's manufacturing output continued to decline in June, down 6.7% year-on-year, more than market expectations, according to the latest data released by the Singapore Economic Development Board. Excluding biopharmaceutical manufacturing, output rose by 2.1%. On a seasonally adjusted basis, manufacturing output grew by 0.2% month-on-month in June. Excluding biopharmaceutical manufacturing, output fell by 0.8% month-on-month. Among the manufacturing sectors, electronics was the most prominent, with output up 17.3 per cent year-on-year in June, mainly due to a 26 per cent increase in semiconductor manufacturing, supported by demand in cloud services, data centers and the 5G market. Precision engineering output reversed may's decline, up 9.1 percent year-on-year, mainly as machinery and systems grew 11.1 percent, supported by higher output from semiconductor equipment.