The cluster declined by 20.3% y-o-y due to the lower output from the pharmaceuticals segment and the medical technology segment at 24.3% and 14.7% respectively. The pharmaceuticals segment fell due to a different mix of active pharmaceutical ingredients being produced from the year before while the medical technology segment fell on the back of lower export demand for medical devices.
Singapore’s industrial production fell by 3.1% on a y-o-y basis in December 2022, making this the third consecutive month of decline.
The decline, which was less than the 6.9% y-o-y drop estimated by the Bloomberg consensus, was due to the drag by the biomedical cluster.
