Singapore's Electronics Growth Shows No Signs of Letting Up
(Bloomberg) -- Singapore’s electronics output surged almost 50 percent in July from a year earlier, underpinning overall manufacturing in the city state and signaling a global trade recovery is holding up.
Industrial production rose 21 percent, the fastest pace in seven months, beating all 17 forecasts in a Bloomberg survey of economists. The electronics cluster, which includes products such as semiconductors, computer inputs and data storage, makes up almost a third of overall manufacturing.
Along with Taiwan, South Korea and other export-reliant economies, Singapore is benefiting from a pick-up in global trade, including high-tech products such as smartphones. Even with some slowdown in China, the growth in the technology sector is set to continue, supporting manufacturing, said Weiwen Ng, an economist at Australia & New Zealand Banking Group Ltd.
“The strong growth in both electronics and precision engineering suggests that there is this tech rally that’s ongoing and it hasn’t lost momentum,” he said.