Singapore’s exports look poor

With many of the export dependant nations now struggling, Singapore seems to be hit hardest as exports fell by 0.8 percent from August and is a further indication of weak growth as it represents the 5th straight month of tumbling export figures.

This is partly as a result of the continued slump in the US that has meant US companies are now shipping fewer pharmaceuticals.

Although electronics products reduced by 10.7 percent in September last year, the sales of electronics products were worth US$5.6 billion compared with S$5.2 billion in August and Singapore’s semiconductor shipments rose 0.1 percent from last year so there are a few glimmers of hope for the export market to pick up again soon.

The trade promotion agency released new figures today that show non-oil exports are down nearly six percent, however, that is a revised figure form the 14 percent reported only two months ago.

Analysts have therefore pronounced that the trade dependant nation has fallen into recession for the first time in 6 years in the third quarter and that has spurred the central bank to put greater onus on protecting the currency.

Electronics shipments slipped 10.7 percent in September from a year earlier, the 20th consecutive drop, following a revised 19.6 percent decline in August. Sales of electronics products were worth S$5.6 billion ($3.8 billion) last month, compared with S$5.2 billion in August.

The outlook for exports still remains bleak though as Japan is not in stagnation and demand from the EU and the US is not likely to increase within the next few months.

Story link: Singapore’s exports look poor