FX.co ★ Singapore Manufacturing Output Exceeds Forecasts

Singapore’s manufacturing output jumped 16.6% year-on-year in January 2026, up from a revised 10.9% increase in December and well above market expectations of 11% growth. The surge was led by electronics, where production accelerated to 44% from 19.6% the previous month, driven in particular by a sharp expansion in semiconductor output (52% vs 20.5%).

Additional support for overall growth came from improved performances in the chemicals sector (2.3% vs 1.3%) and precision engineering (13.2% vs 8.1%). In contrast, biomedical manufacturing recorded a steep contraction (-33.1% vs -10.9%), while growth in transport engineering edged lower (25.2% vs 26.4%). Output in general manufacturing industries also declined (-2.6% vs 0.4%).

On a month-on-month basis, total manufacturing output rose 5.3%, rebounding from a 13.3% drop in December. Excluding biomedical manufacturing, overall manufacturing production accelerated to 24.1% year-on-year in January 2026, from 13.1% in the preceding month.