Manufacturing output up 12.1% in February

But that translates to 1.1% contraction when seasonally adjusted on a month-on-month basis.

Still, the sector's year-on-year performance brightened as four major clusters -- biomedical, transport, precision engineering and general manufacturing -- expanded in the double-digits.

The chemicals and all-important electronics clusters remained in the red though their declines are tempering, according to data from the Singapore Economic Development Board (EDB).

Here's more from the EDB:

On a year-on-year basis, Singapore's manufacturing output grew 12.1% in February 2012. Excluding biomedical manufacturing, output increased 7.1%.

On a seasonally adjusted month-on-month basis, manufacturing output contracted 1.1% in February 2012. Excluding biomedical manufacturing, output declined 0.1%.

On a year-on-year basis, manufacturing output grew 12.1% in February 2012. Excluding biomedical manufacturing, output increased 7.1%. On a three-month moving average basis, manufacturing output expanded 8.1% in February 2012 compared to a year ago. On a seasonally adjusted month-on-month basis, manufacturing output contracted 1.1% in February 2012. Excluding biomedical manufacturing, output declined 0.1%.

Output of the biomedical manufacturing cluster grew 38.3% in February 2012 on a year-on-year basis, with both the pharmaceuticals and medical technology segments recording strong output growth. Pharmaceuticals output increased 37.7% with higher production of active pharmaceutical ingredients and the medical technology segment expanded 41.6% as export demand for medical devices remained healthy. On a year-to-date basis, output of the biomedical manufacturing cluster was 33.8% higher compared to the same period a year ago.

The transport engineering cluster's output expanded 32.4% year-on-year in February 2012. Within the cluster, the marine & offshore engineering segment recorded robust growth of 41.7%, which was supported by higher percentage of completion in oil rig and oil field related equipment projects. Output of the aerospace segment also grew strongly, at 22.2%. Output of the transport engineering cluster in the first two months of 2012 increased 20.0%, compared to the same period in 2011.

The precision engineering cluster expanded 19.0% year-on-year in February 2012. The output of the machinery & systems and precision modules & components segments increased 23.3% and 14.7% respectively, partly due to lower activities in February last year during the Chinese New Year holidays. On a year-to-date basis, output of the precision engineering cluster was 0.6% higher than the same period a year ago.

The general manufacturing cluster's output grew 16.4% year-on-year in February 2012 with all segments recording higher output. This was mainly due to a low base in February last year when many plants shut down for the Chinese New Year holidays. On a year-to-date basis, the general manufacturing cluster's output grew 2.0%.

The chemicals cluster fell 2.9% year-on-year in February 2012, with all segments recording declines. Output of the specialty chemicals (-0.2%) and petroleum (-0.3%) segments fell marginally from a year ago while the petrochemicals and other chemicals segments declined by 6.0% and 7.1% respectively, largely due to plant shutdowns. On a year-to-date basis, chemicals output declined 7.9%.

Output of the electronics cluster was 6.0% lower in February 2012 compared to a year ago. The data storage segment’s output surged 78.7% in February as the segment ramped up production, on the back of strong demand and a shortage of disk drives after the flood in Thailand. However, output of the semiconductors segment remained weak, declining 21.2% in February. Cumulative output of the cluster in the first two months of 2012 fell 18.6% compared to the same period last year.

The next monthly manufacturing performance media release will be issued on 26 April 2012.