Manufacturing output down 8.9% in February
Without biomedical manufacturing data, output declined nearly 5%.
The Economic Development Board of Singapore reported that the manufacturing output went down almost 9% year-on-year (YoY) in February 2023.
Excluding biomedical manufacturing, output was down 4.9% YoY.
On a seasonally adjusted MoM basis, manufacturing output fell 11.7% in February 2023. Excluding biomedical manufacturing, output declined 8.1% MoM.
Transport engineering, precision engineering, and general manufacturing posted increase in output. However, the highest contraction was from biomedical manufacturing.
Its output declined 33.6% YoY in February 2023. Medical technology segment went up 13.7% with higher export demand for medical devices.