“Other factors that have supported Singapore’s manufacturing momentum also include the gradual reopening of international borders, which resulted in higher levels of maintenance, repair and overhaul activity from commercial airlines,” he adds.
Singapore’s manufacturing output surged 17.6% y-o-y in February, surpassing market estimates of a 6.3% y-o-y increase, according to data released by the Singapore Economic Development Board (EDB) on March 25.
The strong performance is underpinned by the recovery in global trade, especially on the back of healthy demand in the semiconductor and biomedical segments, says UOB economist Barnabas Gan.
