The Singapore Economic Development Board (EDB) revealed on Thursday that the city-state's factory output declined in November by 9.3 percent despite rallying over the past several months.
According to Channel News Asia, the EDB said the general manufacturing segment declined at only 1.5 percent during the month, as well as the food, beverages, and tobacco segment with a 3.6 percent slump.
The printing segment also recorded slower growth at 15.1 percent, and the medical technology segment recorded a decline of 4.3 percent due to weaker demand for medical products, especially devices.
Petrochemicals and other chemical products also did not fare well in November, recording a contraction of 17.8 percent and 10.9 percent respectively. Pharmaceutical production also dropped by 12.7 percent.
The biomedical manufacturing industry also dropped 10.3 percent, while the pharmaceutical segment edged down by 12.7 percent. The numbers account for one of Singapore's weakest manufacturing records to date.
On the other hand, some segments saw good growth numbers, such as the miscellaneous items segment, with a 5.5 percent hike in November. Transport engineering also expanded by 2.1 percent.
Other segments that recorded stability are the data storage segments, with a striking 23.1 percent for the month, the consumer electronics and infocomms segment, which gained by 29.8 percent. These numbers are outside the overall cluster of electronics that saw a slump of 20.9 percent.
Meanwhile, some economic experts predicted earlier this month that the Singaporean economy may gradually recover in 2020 as small signals point to a rebound, especially as demand for produthe cts from the city-state is improving.
According to the Straits Times, UOB economist Barnabas Gan pointed out that while electronics exports dropped over the past months, the numbers are still faring well compared to last year.
Barnabas said the improvements in demand for Singaporean products is "comforting." Maybank Kim Eng analysts echoed Barnabas' sentiments, noting that it appears the downtrend in weak demand "is past its worst."
They did acknowledge that the recovery may be "sluggish" moving forward. On the other hand, they explained that it is more likely exports will start recovering as early as the first quarter of 2020.
Furthermore, some analysts believe good progress in the China-U.S. trade deal negotiations will help Singapore's electronics industry recover, especially with the two sides showing more willingness this time to reach an amicable agreement.
Aside from high hopes for recovery, the Monetary Authority of Singapore (MAS) also projected earlier this month through results from an economists' poll that the economy is expected to expand by 0.7 percent this year.
The previous survey resulted in predictions of 0.6 percent, marking optimism among economists who believe Singapore can bounce back in the coming months as external headwinds begin to calm.
