Precision engineering least upbeat in raising output
Manufacturers confessed in a new survey that they expect fewer orders of machinery and sluggish exports of precision modules & components.
In contrast, the electronics cluster proved the most bullish with a net weighted balance of 13 per cent of firms projecting higher output in the third quarter of 2012, according to the latest business expectations survey conducted by the Singapore Economic Development Board.
Overall, a net weighted balance of 6 per cent of manufacturers expect production to increase in the third quarter of 2012, over the second half of 2012.
"The electronics cluster is the most upbeat with a net weighted balance of 13 per cent of firms projecting a higher level of production in the third quarter of 2012, compared to the second quarter of 2012. The semiconductor segment foresees seasonally higher output in the third quarter in preparation for the year-end holiday season," said the EDB.
"The general manufacturing industries cluster is the next most positive, with food and beverage firms projecting higher production for upcoming festivals like the Moon Cake Festival and Hari Raya Puasa, and the year-end festive season. The transport engineering cluster is also predicting higher output in the third quarter of 2012 compared to a quarter ago, with the marine and offshore engineering firms working to complete contracts secured earlier," it added.
"On the other hand, the precision engineering cluster is the least upbeat about production activity in the next three months. The machinery & systems segment expects fewer orders of machinery, while the precision modules & components segment foresees lower export demand from Europe and the US," it said further.