25 January 2013 08:42 [Source: ICIS news]
SINGAPORE (ICIS)--Singapore’s petrochemicals output rose by 9.7% year on year in December 2012, compared with lower production levels seen in the same period in 2011 as a result of plant shutdowns, official data showed on Friday.
Overall manufacturing output from the city-state’s chemicals cluster rose 4.4% year on year in December 2012, the country’s Economic Development Board (EDB) said in its monthly report.
Output from the specialty chemicals and petroleum segments grew by 2.3% and 1.7% year on year, respectively, in December 2012, it said.
For the whole of 2012, the city-state’s chemicals cluster’s output was 0.4% lower than 2011, the EDB said.
On a year-on-year basis, Singapore’s overall manufacturing output fell by 0.6% in December last year, it said.
On a seasonally adjusted, month-on-month basis, the city-state’s manufacturing output grew by 5.4% in December 2012, compared with November 2012, according to the EDB.
The country’s overall manufacturing output rose by 0.1% year on year in 2012, it added.
“Economic data has been improving in many Asia economies but Singapore has not been able to benefit from this recent development due to its declining competitiveness,” said Singapore-based DBS Group Research.
“A strong Sing dollar and the rapidly rising business costs domestically will continue to weigh down on industrial and export performance in the coming months,” it added.
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