Thursday 28 Mar 2024
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SINGAPORE (May 20): Singapore's industrial production looks likely to contract 0.4% year-on-year in April, hurt by weak exports and oil prices, Moody’s analytics says.

“The largest declines have occurred in the marine and offshore engineering space, on account of lower oil prices denting exploration and extraction activities,” it says.

But Moody’s expects biomedical production output to be a bright spot, because of rising demand from Europe.

The report comes after the republic’s key non-oil domestic exports fell in April as expected, with both electronics and non-electronics shipments continuing to drag.

Exports of goods made in Singapore fell 7.9% in April compared with a year earlier, after falling 15.7% in March.

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