Industrial production up by 6.2% YoY in April: EDB

It is the seventh month that production expanded.

Industrial production expanded by 6.2% year-on-year (YoY) in April 2022, which marked the seventh month that it went up on a yearly basis, data from the Economic Development Board (EDB) showed.

EDB also found that on a monthly and seasonally-adjusted basis, the industrial production went up by 2.2%.

But overall data was better compared to market expectations for a softer growth of 4.3% YoY. Without biomedical manufacturing, industrial production went up 7.7% YoY.

Per cluster, transport engineering recorded the highest increase with 17.2% YoY in April 2022. Under this, the marine and offshore engineering segment went up by 27.5%, backed by a higher level of work.

The aerospace segment grew by 24.2% due to the lifting of stringent border restrictions worldwide.

Following transport engineering, electronics output soared by 10.4% in April 2022 compared to a year ago. This as the semiconductors industry expanded 12.9% due to strong demand from 5G markets and data centres whilst there is global chip shortage.

General manufacturing output, meanwhile, rose 10.3% YoY in April 2022, with all its segments recording an increase such as food, beverage & tobacco with 12.4% growth, miscellaneous segment with 8.3% growth, and printing segments with 4.2% growth.