Why everyone's excited for an impressive Singapore IP for the next months

August data rose 3.5%.

According to Maybank Kim Eng, industrial production (IP) rose further in Aug 2013 by +3.5% YoY (revised July 2013: +3.0% YoY; Consensus: +4.9% YoY) led by improvements in Transport Engineering and Electronics.

From the previous month, IP contracted by -5.6% MoM (July 2013: -3.1% MoM) while the seasonally adjusted measure came in at -1.4% MoM (s.a. July 2013: -1.6% MoM). For the first eight months of 2013, IP fell by -1.0% YoY (Jan-Aug 2012: +1.0% YoY).

Here's more from Maybank Kim Eng:

Positive indications in Singapore’s two largest trading partners – China and EU – augurs well for IP trend for the next few months.

China’s preliminary HSBC/Markit manufacturing PMI for Sep 2013 rose to a six-month high of 51.2 (Aug 2013: 50.1) while the EU’s manufacturing PMI expanded for a third consecutive month (Sep 2013: 51.1; Aug 2013: 51.4) signaling China’s growth is stabilizing after the earlier slowdowns while the European economies are improving.

China and the EU account for 13% and 11.5% of NODX.

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