Singapore (VNA) – Singapore’s non-oil domestic exports (NODX) in February dropped5.9 percent year-on-year, the strongest decline since October 2016,International Enterprise Singapore announced on March 16.
Thedecrease disappointed economists who had expected a 4.8 percent expansion. Bothelectronics and non-electronics shipments fell in February.
Accordingly,Singapore’s electronic product exports plumped 12.3 percent following a 3.9percent decline in January, the strongest fall since July 2016. Meanwhile,non-electronic product shipments also decreased 3.4 percent in February, after a20.7 percent surge in the previous month.
Singapore’sexports to most of Singapore's top markets dropped in February, except the US,Japan and the Republic of Korea. The sharpest decline was seen in China, theEuropean Union and Taiwan.
Singapore’strade value in the first two months of 2018 increased 1.7 percent, mainly dueto a rise in its import turnover.
Accordingto Bloomberg, the decline in Singapore’s exports signaled growth risks to oneof Asia’s most trade-independent economies.
Whilethe fluctuations might be expected given the unusual timing of the Lunar NewYear holiday this year, a third straight decline in electronics adds to signs thatexports could slow in 2018.-VNA
VNA