Chart of the day: Industrial production up 13% YoY in April

This is attributed to the biomedical manufacturing cluster.

This chart from UOB shows that the industrial production in Singapore surged 13% YoY in April. This is said to be attributed to the strong biomedical manufacturing cluster which grew 100.5% YoY.

Meanwhile, the decline in tourist arrivals, lockdowns seen in Singapore’s key trading partners and the fall in oil prices led to the contraction in the clusters of transport engineering, which plunged 24.1% YoY, chemicals which slid 6.8% YoY, and general manufacturing which contracted 20.2% YoY.

Excluding the biomedical manufacturing cluster, industrial production is down by 3.5% due to the aforementioned factors.

Looking forward, UOB expects pharmaceutical production and exports to be a boon for Singapore’s overall manufacturing and trade environment.