FX.co ★ Singapore Manufacturing Output Growth Below Estimates

In March 2025, Singapore experienced a 5.8% year-over-year growth in manufacturing production, which fell short of the anticipated 8.1% increase, following a revised 0.9% rise in February. This marked nine consecutive months of growth in industrial output, largely driven by a notable increase in transport engineering, which surged by 20.2%, up from 15.7%, due to significant gains in aerospace. The electronics sector also showed robust growth at 8.9%, up from 0.2% in February, propelled by a 17.2% increase in semiconductor production, significantly recovering from a 14.3% decline, influenced by higher pharmaceutical output. However, the chemical sector saw a contraction of 6.0%, worsening from a 0.9% decline, attributed to downturns in petrochemicals, petroleum, and specialty chemicals. The general manufacturing sector similarly decreased by 13.0% from a previous 1.4% decline, due to reduced output in food, beverages, and miscellaneous categories. Precision engineering also slightly dipped by 0.1%, down from a 15.7% increase, affected by decreases in precision modules and components. On a monthly basis, manufacturing output unexpectedly decreased by 3.6%, following a revised 2.9% decline in February, contrary to expectations of a 0.6% increase.