Business News Asia
Data from the Economic Development Board (EDB) show that Singapore’s industrial production grew at a slower pace of 2.2% in June. This was impacted by the decline in semiconductor and pharmaceutical production.
Excluding biomedical manufacturing, growth in June was lower than in May, at 10.4% y/y.
Compared to the previous month, industrial production decreased by 8.5% in June. Excluding biomedical production, output fell by 6.9%.
Production in the semiconductor segment fell by 2.6%, while output of electronic modules and other components fell by 23.5%, with export orders from China declining.
The biomedical sector recorded a 9.2% year-on-year decline in production in June.
According to the EDB, the pharmaceutical segment contracted by 24.9%.
However, the Medical Technology segment grew by 14.3% as demand for medical equipment increased in the U.S. and China.
Chemical production declined by 11% in June compared to the same period of the previous year. The specialty products group grew by 3.9% due to higher production of food additives.