Singapore Manufacturing Output Below Forecasts

Singapore's manufacturing production grew by 13% year-on-year in May 2026, slowing from a downwardly revised six-month high of 16.5% in the previous month and missing market expectations of 17%. Output increased at a slower pace in electronics (35.8% vs 40.3% in April), particularly semiconductors (37.0% vs 43.5%) and infocomms & consumer electronics (59.2% vs 76.0%). Overall manufacturing output was also weighed down by a continued decline in biomedical manufacturing (-24.2% vs -16.1%), a contraction in transport engineering (-5.0% vs 10.8%), and a sharp moderation in general manufacturing industries (1.8% vs 17.7%). On the other hand, output fell at a softer pace in chemicals (-11.5% vs -17.6%), while growth in precision engineering accelerated (32.2% vs 16.4%). On a monthly basis, manufacturing production fell 0.7%, reversing an upwardly revised 6.2% increase in April. For the January–May period, manufacturing production rose 10.7%.

Singapore's manufacturing production surged 17.6% year-on-year in April 2026, accelerating from a downwardly revised 9.2% in the previous month and comfortably beating market expectations of 12%. It marked the strongest growth since October 2025, driven by a significant increase in electronics output (44.0% vs 29.0% in March), particularly semiconductors (42.6% vs 29.4%) and infocomms and consumer electronics (129.6% vs 72.1%). Overall factory activity was further supported by stronger growth in precision engineering (15.1% vs 8.8%), transport engineering (10.1% vs 3.7%), and general manufacturing industries (16.9% vs 8.1%). In contrast, production continued to contract in biomedical manufacturing (-16.1% vs -14.0%) and chemicals (-17.6% vs -15.2%). On a monthly basis, industrial production climbed to a six-month high of 5.8% from a downwardly revised 3.5% gain in March, above market forecasts of 1.5%. For the January–April period, industrial production increased 10.2%.

Singapore’s manufacturing production climbed 10.1% year-on-year in March 2026, accelerating from an upwardly revised 3.3% rise in the previous month. It marked the strongest growth since December 2025, as electronics output surged to 30% from 23.4% in February, led by semiconductors and infocomms, and consumer electronics. Moreover, production rebounded in precision engineering (14% vs -5.5%), transport engineering (2% vs -3.2%), and general manufacturing industries (7.6% vs -4.9%). Output declined at a softer pace in biomedical manufacturing (-14.3% vs -25.9%). In contrast, output continued to fall in chemicals (-16% vs -4.8%), weighed down mainly by petroleum and petrochemicals. On a monthly basis, manufacturing output rose 4.7% after a downwardly revised 1.2% drop in February, marking its strongest monthly gain since October 2025. Over the first quarter of 2026, manufacturing output increased 7.9% compared with the same period a year earlier.