Singapore’s total exports in June declined for the fifth month by 2.9 percent year-on-year or 1.6 percent month-on-month, according to the International Enterprise (IE) Singapore.
The country’s June exports extended the longest run of declines since the global financial crisis.
The July 17 IE Singapore report says non-oil domestic exports (NODX) slid 8.8 percent from a year earlier, mainly due to decreases in non-electronics and electronics exports.
The island’s shipments of electronics dropped 12.4 percent last month from a year earlier, extending the slump to an 11th month.
ADB assistant chief economist Joe Zveglich attributed the decrease to the weak growth coming from the advanced economies and their weak demand.
Exports of non-electronics products in June fell 7.1 percent year-on-year with pharmaceuticals shipments dropping 35.4 percent; structures of ships and boats, 97.5 percent; and specialised machinery, 24.1 percent.
The IE Singapore also said in its release that NODX to all of the top 10 markets, except China, decreased in June. Singapore’s exports to Malaysia, its largest trading partner, went down by 17.1 percent; to its second largest partner, the EU, tumbled 33.6 percent; and to the world’s largest economy as well as Singapore ’s fifth largest partner, the US, declined 15.9 percent.
Last week, Singapore’s Trade and Industry Ministry reported that manufacturing sector expanded 37.6 percent quarter-on-quarter and 1.1 percent year-on-year while services grew 5.0 percent year-on-year or 8.1 percent quarter-on-quarter.
Thanks to the improvements in some sectors, the ministry estimated that Q2 GDP surged 15.2 percent quarter-on-quarter or 3.7 percent compared to one year earlier.
The government forecasts exports will rise 2-4 percent and GDP growth will be 1-3 percent this year.-VNA
The country’s June exports extended the longest run of declines since the global financial crisis.
The July 17 IE Singapore report says non-oil domestic exports (NODX) slid 8.8 percent from a year earlier, mainly due to decreases in non-electronics and electronics exports.
The island’s shipments of electronics dropped 12.4 percent last month from a year earlier, extending the slump to an 11th month.
ADB assistant chief economist Joe Zveglich attributed the decrease to the weak growth coming from the advanced economies and their weak demand.
Exports of non-electronics products in June fell 7.1 percent year-on-year with pharmaceuticals shipments dropping 35.4 percent; structures of ships and boats, 97.5 percent; and specialised machinery, 24.1 percent.
The IE Singapore also said in its release that NODX to all of the top 10 markets, except China, decreased in June. Singapore’s exports to Malaysia, its largest trading partner, went down by 17.1 percent; to its second largest partner, the EU, tumbled 33.6 percent; and to the world’s largest economy as well as Singapore ’s fifth largest partner, the US, declined 15.9 percent.
Last week, Singapore’s Trade and Industry Ministry reported that manufacturing sector expanded 37.6 percent quarter-on-quarter and 1.1 percent year-on-year while services grew 5.0 percent year-on-year or 8.1 percent quarter-on-quarter.
Thanks to the improvements in some sectors, the ministry estimated that Q2 GDP surged 15.2 percent quarter-on-quarter or 3.7 percent compared to one year earlier.
The government forecasts exports will rise 2-4 percent and GDP growth will be 1-3 percent this year.-VNA
