Singapore Manufacturing Output Exceeds Forecasts

Singapore's manufacturing production surged 16.6% year-on-year in January 2026, accelerating from an upwardly revised 10.9% gain and surpassing market expectations of 11% growth. Electronics output soared to 44% from 19.6% in December, largely driven by a sharp expansion in semiconductors (52% vs 20.5%). Overall growth was also supported by stronger performances in chemicals (2.3% vs 1.3%) and precision engineering (13.2% vs 8.1%). On the other hand, production contracted sharply in biomedical manufacturing (-33.1% vs -10.9%), while growth slightly eased in transport engineering (25.2% vs 26.4%). In addition, output in general manufacturing industries fell (-2.6% vs 0.4%). On a monthly basis, output rose 5.3%, rebounding from a 13.3% fall in the previous month. Excluding biomedical manufacturing, manufacturing production climbed to 24.1% in January 2026, from 13.1% in the prior month.

Singapore’s manufacturing production rose 8.3% year-on-year in December 2025, easing from an upwardly revised 18.2% growth in November and falling short of the expected 10.1% increase. This marks the softest rise since a decline in August, weighed down by a sharp fall in biomedical manufacturing (-38.8% vs 79.1% in November), primarily due to lower pharmaceutical output (-69.7%). Production also contracted in chemicals (-1.6% vs 2.1%), while transport engineering expanded at a slower pace (19.9% vs 24.2%). Meanwhile, electronics output grew faster (30.8% vs 18.1%), driven by a steeper rise in semiconductors (32.4%). Production also increased for precision engineering (3.4% vs 2.4%) and remained unchanged for general manufacturing industries (0% vs -2.6%). On a monthly basis, manufacturing activity slumped 13.3%, the largest decline since October 2020, following a 7.8% drop in November.

Singapore’s manufacturing production grew 14.3% yoy in November 2025, slowing sharply from a downwardly revised 28.9% rise in October, which was the fastest increase since November 2010, while slightly surpassing market forecasts of a 14.2% rise. This marked the third straight month of expansion, though the weakest in the sequence, following a decline in manufacturing activity in August. Growth easing was seen in biomedical manufacturing (79.3% vs 89.8% in October), transport engineering (24.2% vs 29.7%), and electronics (8.9% vs 25.6%), mainly due to a steep decline in computer peripherals and data storage. At the same time, precision engineering expanded by 2.4%, slowing significantly from a 13.4% rise in October, weighed down by lower output in machinery and systems. Meanwhile, general manufacturing continued to contract (-4.8% vs -5.5%). On a seasonally adjusted monthly basis, industrial activity plunged 10.2%, sharply reversing a downwardly revised 11.2% increase in October.