Chart of the Day: See the worryingly steep manufacturing contraction in Q2

Nearly all clusters booked sharp declines.

Singapore’s manufacturing sector experienced a sharp contraction in the second quarter, with nearly all clusters experiencing a steep slump in overall production.

According to a quarterly report by the Monetary Authority of Singapore (MAS), overall production in the manufacturing sector shrank by 18.3% quarter-on-quarter in Q2, dragged by sharp declines in transport engineering and biomedical output.

“The manufacturing sector registered its largest decline since Q2 2011, against cyclical headwinds arising from cutbacks in global oil exploration activities and some softening in global demand for electronics,” MAS said.

While the marine & offshore engineering segment continued to be hampered by postponed rig deliveries amid falling oil prices, a switch in product-mix towards lower value-added products posed a drag on pharmaceuticals output.

Electronics-related output was likewise subdued—particularly in the semiconductor segment—on the back of a slowdown in global PC sales.

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