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SINGAPORE ELECTRONICS INDUSTRY DIRECTORY 2022/2023
Manufacturing Performance – May 2022
Singapore’s manufacturing production increased by 13.8 percent in May 2022 on a year-on-year basis, data released on 24 June 2022 by the Economic Development Board (EDB) indicated. This was the eighth straight month of increase in manufacturing output and the steepest pace since February, amid further easing of COVID-19 curbs.
The key electronics cluster expanded its output by 33.6 percent in May 2022 on a year-on-year basis, as compared to 10.4 percent the month before, mainly boosted by semiconductors. Accounting for the largest portion of Singapore’s electronics output, semiconductors recorded 45.7 percent growth, supported by strong demand from 5G markets and data centres amidst the global chip shortage, EDB said.
Cumulatively, the electronics cluster grew 17.3 percent for the period January to May 2022 compared to the same period a year ago.
The manufacturing sector is cautious in its business outlook for the period April - September 2022, as the ongoing Russia-Ukraine conflict adds to supply chain and inflationary pressures, resulting in higher cost of operations.
This was revealed by Department of Statistics (SingStat) in a poll that was carried out during the period April – September 2022, where policymakers announced major relaxations of domestic and travel restrictions.
In manufacturing, a weighted 15 percent of companies expected business to pick up for the period April – September 2022, while a weighted 13 percent foresee a weaker business outlook. Overall, a net weighted balance of 2 percent of manufacturing firms expect a favourable business situation for this period compared to the first quarter of 2022.
A net weighted balance of 8 percent of firms in the electronics cluster project a more favourable business situation, compared to the first quarter of 2022.
Within the cluster, the semiconductors segment continues to expect strong demand from 5G, data centers, automotive and industrial markets. The other electronics modules & components segment also foresees higher demand from the internet of things (IoT) market.
* The net weighted balance, used to gauge business sentiment, is the difference between the weighted shares of positive and negative responses.
Business Expectations of
the Manufacturing Sector
Business Sentiments for April – September 2022
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