Singapore: Manufacturing production unexpectedly declines again in April
May 26, 2012
In April, manufacturing production contracted 0.3% over the same month last year. The reading follows on a 3.1% decline in March and contrasted market expectations, which had manufacturing production expanding 4.1%. The decline reflected a contraction in the electronics cluster, which dropped 12.5% year-on-year, which was the result of weaker demand abroad. The biomedical manufacturing cluster also posted a contraction by falling 4.2%. In contrast, the transport engineering cluster recorded the largest gain by increasing 29.1%. A month-on-month comparison further corroborates the notion of a decline. According to seasonally-adjusted data, in April manufacturing production dropped 3.5% over the previous month, which contrasted the 2.5% increase seen in March. Furthermore, annual average growth dropped from 4.5% in March to 4.0% in April.