SINGAPORE (June 26): Singapore’s manufacturing output fell 2.3% year-on-year in May but was up 2.4% on a seasonally adjusted month-on-month basis, the Economic Development Board reported.

The chemicals cluster was the only sector that showed growth with output rising 1.3% on a year-on-year basis in May. Better refining margins boosted the output of the petroleum sector which grew by 6.5%. The specialties segment was up 3% while petrochemicals production fell 1.7% as a result of plant shutdowns for maintenance. In the first five months of the year, the chemicals sector grew 3.6%.

The biomedical manufacturing sector, which was the worst performer last month, had less of an impact on total manufacturing production in May. Excluding the sector, manufacturing output was down only 2.2% while on seasonally adjusted month-on-month basis, it was down 1.1%.

The cluster’s output shrank by 2.6%. The medical technology segment grew 34.6% on robust demand for medical devices and supplies. The pharmaceuticals segment fell 10.3% as a result of a different mix of pharmaceuticals produced during the month. Year to date, the cluster’s output was down 8.8%.

The transport engineering cluster was the worst performing sector with a decline in output of 8.1%. There was a 13.2% decline in aerospace segment as a result of a drop in engine repair jobs while a slowdown in rig-building activities led to a 5.2% decline in the marine and offshore segment. Overall, the cluster’s production shrank 9.4% in the first five months.

The electronics cluster registered a 0.2% fall in production. Data storage grew 46.9%, other electronics modules and components grew 43.9% and computer peripherals grew 9.8%. Their strong growth was offset by a 9.3% shrinkage in the production of semiconductors and an 11.8% decline in infocomms and consumer electronics output. Cumulatively, the cluster’s output fell 2% in the first five months which was unchanged from the year ago period.