Illustrative image (Source: businesstime.com.sg)

Singapore (VNA) – Singapore’s non-oil domestic exports (NODX) in February dropped 5.9 percent year-on-year, the strongest decline since October 2016, International Enterprise Singapore announced on March 16.

The decrease disappointed economists who had expected a 4.8 percent expansion. Both electronics and non-electronics shipments fell in February.

Accordingly, Singapore’s electronic product exports plumped 12.3 percent following a 3.9 percent decline in January, the strongest fall since July 2016. Meanwhile, non-electronic product shipments also decreased 3.4 percent in February, after a 20.7 percent surge in the previous month.

Singapore’s exports 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, the European Union and Taiwan.

Singapore’s trade value in the first two months of 2018 increased 1.7 percent, mainly due to a rise in its import turnover.

According to Bloomberg, the decline in Singapore’s exports signaled growth risks to one of Asia’s most trade-independent economies.

While the fluctuations might be expected given the unusual timing of the Lunar New Year holiday this year, a third straight decline in electronics adds to signs that exports could slow in 2018.-VNA