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Pharma fuels unexpected jump in Singapore manufacturing in March

Pharma fuels unexpected jump in Singapore manufacturing in March

Singapore’s
factory output in March rose at its fastest pace in more than nine years,
surging past expectations, as pharmaceutical manufacturing more than doubled,
data showed today.

Output
rose 21.7% on a month-on-month and seasonally adjusted basis, data from the
Singapore Economic Development Board showed, the biggest jump since January
2011. The median of six economists’ forecasts was for a 2% fall.

On
a year-on-year (y-o-y) basis, output rose 16.5% ⁠—
the biggest increase since January 2018 ⁠— well above expectations for a 6.3%
drop.

Pharmaceutical
output increased 126.6% y-o-y, with higher production of active pharmaceutical
ingredients and biological products. Shipments of pharmaceuticals pushed
Singapore’s annual exports up 17.6% in March, data last week showed.

It
was not immediately clear whether the surge in pharmaceuticals production was
related to the Covid-19 pandemic, which has infected more than 2.6 million
people globally.

Pharmaceutical
output is inherently volatile because production happens in batches, which can
take anywhere from a few days to weeks to make.

Electronics
output decreased 9.2% in March y-o-y.

Source: Reuters

Posted on : 24 April 2020
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