Industrial production falls for second consecutive month

General manufacturing and transport engineering posted declines.

Singapore’s industrial production fell sequentially for the second consecutive month (-3.6%) in March, according to UOB.

The rebound in pharma (+10.8%) was more than offset by declines in general manufacturing (-11.7%) and transport engineering (-6.7%).

Moreover, the increase in electronics (+0.5%) was milder than expected, likely reflecting fatigue from the earlier exports front-loading and production on tariff expectations.

Further, UOB said the city-state’s external demand is likely to weaken amidst tariff uncertainty and volatility.

Additionally, weaker successive readings in subindices of Singapore’s overall PMI such as new export orders, output, and employment are early signals of intensifying headwinds in the sector.