- Singapore manufacturing output grew 1.8% in July 2024.
- Transport engineering output increased by 13.3% year-on-year.
- Biomedical manufacturing output contracted 17.4%.
Singapore’s factories made more goods in July 2024, but not all sectors did well.
- Key Terms Simplified
- Singapore Manufacturing Growth in July 2024
- Different Industries Performed Differently
- Transport Engineering Led the Growth
- General Manufacturing Also Performed Well
- Electronics Sector Shows Mixed Results
- Chemicals and Precision Engineering See Small Growth
- Biomedical Manufacturing Faces Challenges
- What This Means for Singapore
- Looking Ahead
Key Terms Simplified
- Manufacturing output is the amount of goods made in factories.
- Year-on-year means comparing this year to the same time last year.
- Biomedical manufacturing is making things for healthcare, like medicines.
Singapore Manufacturing Growth in July 2024
According to EDB, Singapore’s factories made 1.8% more goods in July 2024 than in July 2023.
When we don’t count biomedical manufacturing, the growth was even better at 3.4%.
Looking at the past three months, there was a tiny drop of 0.1% in how much factories made.
But from June to July 2024, factories made 10.1% more goods.
Different Industries Performed Differently
Some industries did better than others in July 2024.
Transport engineering grew the most at 13.3%.
General manufacturing, which includes food and drinks, grew by 7.3%.
Electronics grew by 2.8%.
Chemicals grew by 1.7%.
Precision engineering grew by 0.7%.
| Industry | Growth Rate |
|---|---|
| Transport Engineering | 13.3% |
| General Manufacturing | 7.3% |
| Electronics | 2.8% |
| Chemicals | 1.7% |
| Precision Engineering | 0.7% |
Transport Engineering Led the Growth
The transport engineering sector did very well in July ’24.
It grew by 13.3% compared to July 2023.
The aerospace part of this sector grew by 21.7%.
The land transport part grew by 16.5%.
According to EDB, “The aerospace segment recorded higher demand for aircraft parts and more maintenance, repair and overhaul jobs from commercial airlines.”
But the marine and offshore engineering part fell by 1.2%.
General Manufacturing Also Performed Well
General manufacturing, which includes making food, drinks, and tobacco, grew by 7.3% in July 2024.
The food, drinks, and tobacco part of this sector grew by 8.4%.
This growth helped the overall manufacturing output to increase.
Electronics Sector Shows Mixed Results
The electronics sector grew by 2.8% in July ’24.
Computer parts and data storage grew a lot, by 34.9%.
But the part that makes things for communications and consumer electronics fell by 6.6%.
Chemicals and Precision Engineering See Small Growth
The chemicals sector grew by 1.7% in July 2024.
Petrochemicals, which are chemicals made from oil, grew by 8.6%.
Precision engineering grew by 0.7%.
This growth came from making more plastic parts and electronic connectors.
Biomedical Manufacturing Faces Challenges
Not all sectors did well in July ’24.
Biomedical manufacturing output fell by 17.4%.
The part that makes medicines (pharmaceuticals) fell by 27.4%.
This big drop affected the overall manufacturing growth.
- Biomedical manufacturing fell 17.4%
- Pharmaceuticals fell 27.4%
- This sector faced the biggest challenges in July ’24
What This Means for Singapore
The growth in manufacturing is good news for Singapore’s economy.
It shows that many industries are doing well, especially transport and electronics.
But the fall in biomedical manufacturing is a concern.
It might mean Singapore needs to find ways to make this sector stronger.
Looking Ahead
EDB will release the next report on Singapore manufacturing performance on 26 September 2024.
This will give us more information about how Singapore’s factories are doing.
The growth in many sectors is a good sign for Singapore’s economy.
Singapore’s factories made more goods in July 2024, showing the economy is growing despite some challenges.
