Singapore electronics exports drop

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Singapore museumAfter Singapore reported a surprise recovery of its economy for the first quarter of 2013, the city state’s exports fell more than economists estimated in May 2013 due to lower electronics shipment.

Shipments of electronics dropped 13.2 per cent from 2012, extending the slump to 10 months in a row. In total, non-oil exports dropped 4.6 per cent from 2012, after falling 1 per cent in April, the country’s trade promotion agency said on June 17.

Sluggish global recovery is weakening prospects for Singapore’s trade-dependent economy. Analysts have lowered their estimate for the island’s export expansion this year to 2.3 per cent from 4 per cent, according to the results of a survey released by the Monetary Authority of Singapore on June 12.

Singapore currently tries to reshape its electronics industry by shifting the dominant semiconductor cluster from manufacturing chips for traditional PCs to mobile computing devices. Still, analysts say Singapore has some catching up to do with its East Asian counterparts, who are further ahead in the mobile technology game.

Recently, the city state has also said to wants to be a “hub” for the growing 3D printing industry.

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Reading Time: 1 minute

After Singapore reported a surprise recovery of its economy for the first quarter of 2013, the city state’s exports fell more than economists estimated in May 2013 due to lower electronics shipment.

Reading Time: 1 minute

Singapore museumAfter Singapore reported a surprise recovery of its economy for the first quarter of 2013, the city state’s exports fell more than economists estimated in May 2013 due to lower electronics shipment.

Shipments of electronics dropped 13.2 per cent from 2012, extending the slump to 10 months in a row. In total, non-oil exports dropped 4.6 per cent from 2012, after falling 1 per cent in April, the country’s trade promotion agency said on June 17.

Sluggish global recovery is weakening prospects for Singapore’s trade-dependent economy. Analysts have lowered their estimate for the island’s export expansion this year to 2.3 per cent from 4 per cent, according to the results of a survey released by the Monetary Authority of Singapore on June 12.

Singapore currently tries to reshape its electronics industry by shifting the dominant semiconductor cluster from manufacturing chips for traditional PCs to mobile computing devices. Still, analysts say Singapore has some catching up to do with its East Asian counterparts, who are further ahead in the mobile technology game.

Recently, the city state has also said to wants to be a “hub” for the growing 3D printing industry.

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