Singapore’s June Factory Output Expected to Decline Following Drop in Exports, Reports Reuters

Singapore’s Industrial Production Faces Decline Amid Weak Exports

Singapore’s industrial production in June is anticipated to have decreased year-on-year, marking the first drop in four months, as indicated by a recent Reuters poll. The results highlight the challenges the economy is facing, particularly due to sluggish global demand affecting exports.

The median prediction from a survey of ten economists suggests that industrial output fell by 0.2 percent in June compared to the same month last year. This represents the first contraction since February, when a decline of 3.6 percent was recorded. In contrast, May saw a 0.9 percent increase in industrial production year-on-year.

Month-on-month and adjusting for seasonal variations, the manufacturing output in June is projected to have contracted by 2.5 percent, following a 0.4 percent decline in May.

Additionally, Singapore’s exports experienced a downturn in June, with shipments to both China and Europe continuing to decrease. This trend implies that the trade-dependent economy might require further stimulus to bolster a fragile recovery amid ongoing concerns regarding global demand and uncertainties related to Brexit.