SINGAPORE - Manufacturers continue to see slow business in the first half of this year, a survey released by the Economic Development Board (EDB) on Friday showed.
The EDB Business Expectations survey of the manufacturing sector showed that only 10 per cent of manufacturers expect business to pick up from January to June. But 13 per cent are expecting business to slow.
Three months ago, 8 per cent of manufacturers expected business conditions to improve for the next six months, while 7 per cent were downbeat.
Electronics and transport engineering firms were the most pessimisstic, among the different sectors that EDB surveyed.
In particular, the marine and offshore engineering companies expects orders to decline in the months ahead, as global oil and drilling firms cut back on capital spending because of falling oil prices.
The chemicals sector, however, were the most optimistic with a net weighted balance of 12 per cent of firms expecting improved business conditions. In particular, petroleum and petrochemical firms expect costs to fall because of declining crude oil and feedstock prices.