Singapore: Biomedical Manufacturing Business Expectations of the Manufacturing Sector: Singapore EDB
The Singapore Economic Development Board (Singapore EDB) has stated in its recent release the country’s business sentiments for April – September 2021. It further mentions that the biomedical manufacturing cluster expects a positive business environment for the above-mentioned period while the chemicals cluster expects output to increase in the next quarter.
Raffles City Tower/Singapore – Singapore’s manufacturing sector expects improved business conditions in the next six months, as ongoing Covid-19 vaccinations across countries continue to raise global economic prospects. A weighted 41 % of manufacturers anticipate business conditions to improve while a weighted 3 % foresee a weaker business outlook. Overall, a net weighted balance of 38 % of manufacturing firms anticipate a favorable business situation for the period April – September 2021, compared to the first quarter, states a release by the Singapore Economic Development Board.
Within the manufacturing sector, a net weighted balance of 32 % of firms in the biomedical manufacturing cluster expect a positive business environment for the period April – September 2021, in anticipation of higher overseas orders in both the pharmaceuticals and medical technology segments.
Output Forecast for April – June 2021
A net weighted balance of 53 % of firms in the biomedical cluster expect production level to increase in the second quarter of 2021 compared to the preceding quarter. The pharmaceuticals segment forecasts increased production of active pharmaceutical ingredients and biological products while firms in the medical technology segment project higher output of medical devices for Covid-19 and non-Covid-19 uses.
According to the release, the chemicals cluster expects output to increase in the next quarter, supported by a net weighted balance of 2 % of firms. This is largely attributed to the specialties segment which projects higher output of mineral oil additives to meet improved export demand. The petroleum and petrochemical segments anticipate a decline in output in the next quarter, in view of planned shutdowns for maintenance.