Article Description : This article titled ‘Manufacturing suppliers – Sourcing in Singapore’ demonstrates an overview of the current Metalworking manufacturing market of Singapore.
Singapore is one of the key players in the Global Metalworking sector. The overall industrial sector of Singapore witnessed a growth of 40% manufacturing output by October 2019. Specifically, the precision engineering segment showcased a 3.4% growth among the other manufacturing segments. However, the outlook of the forthcoming 6 months does not project any major change in most of the units.
The precision engineering is observed to have weakened over the last quarter due to a depression in the demand for semi-conductors. In addition to this, trade-disputes between the key players of the manufacturing sector have also contributed to the weakening of the segment. As a result of this downtrend trend, the sector is expected to recruit a smaller number of labourer to balance the economic situation.
The exports were also affected by the price competition imposed by foreign traders and the trade disputes among a few global giants. The manufacturing sector of Singapore experienced a consistent growth trend for several months before facing a dip around April 2019.
Next, China being a major exporter to Singapore has been recently facing a decline in her industrial economy causing a proportional effect on the business growth of the beneficiary importer countries. Singapore, being one of the key importers did not escape the discrepancy caused in its economic trajectory due to the trade friction.
However, measures are studiously taken by the Government to impose policies to govern the hitch that is arising to threaten the industrial economy of the country. Although the country’s PMI marked a decline by May 2019, the government is taking measures to improve the situation by implementing several strategic measures in the manufacturing sector of Singapore.
It encourages partnering with overseas establishments to counterbalance the market scenario. Apart from this, the focus is stimulated on smart factory ideologies. It is believed that the intense demand in the upgrade of technology to stabilize as a key player in the market, the country must make a phase shift in terms of technology.
The infrastructure of the country has been expanded to increase demand in manufacturing sector. This on the other hand, has increased the need to upgrade the technologies used in the Metalworking sector to speed up the output delivery rate. Because, the existing range of machinery are a big challenge in the aspect of providing mass output with optimized product specifications as demanded by the Buyers. The key demand sectors that the country focuses to invest and grow include Automotive, Dies and moulds, Equipment industry, Aerospace, Shipping, etc.
It has been predicted that – the more the country focuses on expanding its manufacturing capability, there is are opportunities for an increase in the requirement of different machinery and equipment to fulfil the needs. This may influence the employment ratio in the coming years on a progressive phase.
On this aspect, the manufacturing sector of Singapore is considered as one which is aware of its need to balance and eventually an efficient solution seeker in the Global market. This associative nature of the sector with its Government helps the country hold on to a strong position in terms of growth.
Several questions arise with respect to Metalworking strategy in Singapore while considering the current conditions. The projections of the sector provide sufficient information for the suppliers in terms of risk management while deciding to procure metalworking goods and services amidst uncertainties. But there’s much more to consider about the metalworking procurement process. If you are aiming for efficient procurement management during your metalworking sourcing process in Singapore,
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