The Economic Development Board has stated that the manufacturing industry in Singapore is significantly up 59% from last year. There is an increase in production year-over-year which investors use to gauge an industry’s performance during a certain period of time.
There are other industries in Singapore that have also shown respectable growth including the following:
Precision engineering production increased 10.5% in comparison to last year. Due to the increased growth in components and modules, specifically the production of optical and cable merchandise and products rising to 31.1%.
The production of electronics has also shown an increase, especially within the semiconductor division. The overall growth in electronics is up 12.4% since last year.
In the field of transportation, aerospace led in growth due to the high-demand for maintenance and repair within the airline industry. The industry showed a significant growth from last year by 13.1%.
With a growth of 20.4%, the petrochemical industry grew due to the increase of production. While petroleum showed a 6.4% this year, the percentage in comparison to last year, is somewhat a misconception. This time last year, many plants were shut down for maintenance reasons.
There have been other industries that have not been as fortunate with declining figures including:
Unfortunately, there has been a decline in the production of both machinery and systems by 0.2%. The Economic Development Board stated that higher production of semiconductors and process control equipment was overshadowed by lower mechanical production and various systems including refrigeration.
Biomedical, medical technology, and pharmaceuticals all suffered declines this year from last year.
• Pharmaceuticals down by 7.2%,
• Biomedicals down by 5.4%, and
• Medical Technology down by 0.4%
In general, manufacturing has witnessed a decrease compared to last year by 0.6%. While the food, tobacco, and beverage industries showed some growth but, again, was overshadowed by the decline in miscellaneous industries including printing due to lower demands.
Construction and miscellaneous industries have gone through lower production which includes gratings, windows, doors, and many other construction materials.
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