Total manufacturing output Singapore 2014-2023

The total manufacturing output in Singapore in 2023 was valued at around 396.63 billion Singapore dollars. This was a decrease compared to the previous year, indicating a recovery from the economic shocks of the COVID-19 pandemic. In 2022, the manufacturing sector in Singapore expanded by 2.5 percent.

Importance of the manufacturing sector to the Singapore economy

Since its independence, the Singapore government has relied on manufacturing to develop its economy. From producing low-cost, labor-intensive goods, the manufacturing sector in Singapore has since then transitioned to high-value products and advanced manufacturing. While it is no longer the largest sector for employment in Singapore, the manufacturing industry is still the largest sector contributing to the Singapore economy.

Key segments of the Singapore manufacturing sector

The key segments of Singapore’s manufacturing sector are electronics and precision engineering, chemicals and refineries, and biomedical manufacturing. An essential product in Singapore’s electronics manufacturing sector is semiconductors. Some of the leading global pure-play foundries, such as GlobalFoundries and Taiwan’s United Microelectronics Corp (UMC), have established semiconductor manufacturing fabs in the city-state. Apart from semiconductors, the electronics manufacturing sector also produces storage and memory products and microelectromechanical systems (MEMs).