More manufacturing firms anticipate favourable business in Q2

Amongst clusters, transport engineering is the most optimistic.

More companies in the manufacturing sector have become positive about their business outlook, anticipating a favourable situation for April to September.

Data from EDB Singapore showed that 12% of manufacturers expect business conditions to improve in Q2, whilst only 10% foresee a weaker business outlook.

“Overall, a net weighted balance of 2 per cent of manufacturing firms anticipate a favourable business situation for the period April – September 2023, compared to the first quarter of 2023,” the EDB reported.

Amongst clusters, transport engineering remains the most optimistic, with 50% of firms expecting a favourable business environment in the next six months ending September 2023.

“This positive sentiment is led by the aerospace segment, which continues to expect higher demand for aircraft maintenance, repair and overhaul (MRO) jobs amidst strong demand for air travel. Firms in the marine & offshore engineering segment also anticipate more orders from the global oil & gas and offshore renewables markets,” EDB said.

Other clusters which foresee better business situation are electronics (7%) and chemicals (4%)

On the other hand, firms in the general manufacturing (16%) and precision engineering (25%) clusters expect lacklustre business prospects to continue till September 2023.

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