Singapore Manufacturers Expect Business Conditions to Stay Soft, EDB Says

By Ronnie Harui

Singapore manufacturers expect business conditions to remain soft amid uncertainty about the coronavirus pandemic, global macro conditions and U.S.-China tensions, the Economic Development Board said Friday.

A net weighted 3% of manufacturers anticipate a less favorable business situation for the October-March period, compared with the third quarter, the EDB said. A weighted 21% of manufacturers foresee a weaker business outlook, while a weighted 18% of them expect the operating environment to improve.

Within the manufacturing sector, a net weighted 12% of companies in general manufacturing industries expect business conditions to pick up, the EDB said.

This positive sentiment is mostly led by the miscellaneous industries segment, which anticipates higher demand for construction-related materials such as ready-mixed concrete and steel structural products, as more local construction activities have resumed gradually, the EDB said.

A net weighted 9% of companies in biomedical manufacturing expect a favorable operating environment in the six months through March. A net weighted 4% of companies in transport engineering anticipate better business prospects, while a net weighted 16% of companies in electronics expect less favorable business prospects.

Overall, a net weighted 8% of manufacturers plan to hire fewer workers in the fourth quarter. All manufacturing clusters, except the electronics and biomedical manufacturing clusters, forecast a smaller workforce for the October-December period, the EDB said.

Write to Ronnie Harui at [e-mail]

(END) Dow Jones Newswires

10-30-20 0114ET