Singapore exports drop sharply on weak global demand
Singapore’s exports fell 10.6 per cent in July, more bad news after they fell 2.4 per cent in the previous month. Non-oil domestic exports were hit by a decline in both electronic and non-electronic exports, according to latest figures released by International Enterprise Singapore agency on August 17.
According to the data, exports to all of Singapore’s top 10 markets – except the European Union – fell, with China, the US and Indonesia leading the decline. Exports to China – Singapore’s largest export market – remained weak, contracting 16.6 per cent after a 9.9 per cent decline in June and a 10.1 per cent fall in May.
Electronics exports such as semiconductors contracted by 12.9 per cent, accelerating from a 1.7 per cent decline in June. Non-electronics exports, including pharmaceuticals, petrochemicals and specialised machinery, fell by 9.5 per cent from a 2.6 per cent fall in June.
DBS senior economist Irvin Seah said that the “poor July figures have added on to the economic gloom,” according to agency news.
“Economic numbers across the region are mostly heading down rather than up. For those maintaining a sanguine view on the near term outlook on the economy, this should be a wake-up call,” he said.
However, CIMB analyst Song Seng Wun attributed the decline to seasonal factors, such as extended July holidays in Indonesia and Malaysia where companies shut down for a full week, as well as the severe flooding in China.
“It’s not as bad as the headline numbers would have suggested,” Song told AFP, adding he expects exports to rebound in the coming months.
Singapore's exports fell 10.6 per cent in July, more bad news after they fell 2.4 per cent in the previous month. Non-oil domestic exports were hit by a decline in both electronic and non-electronic exports, according to latest figures released by International Enterprise Singapore agency on August 17. According to the data, exports to all of Singapore’s top 10 markets - except the European Union - fell, with China, the US and Indonesia leading the decline. Exports to China - Singapore’s largest export market - remained weak, contracting 16.6 per cent after a 9.9 per cent decline in June and...
Singapore’s exports fell 10.6 per cent in July, more bad news after they fell 2.4 per cent in the previous month. Non-oil domestic exports were hit by a decline in both electronic and non-electronic exports, according to latest figures released by International Enterprise Singapore agency on August 17.
According to the data, exports to all of Singapore’s top 10 markets – except the European Union – fell, with China, the US and Indonesia leading the decline. Exports to China – Singapore’s largest export market – remained weak, contracting 16.6 per cent after a 9.9 per cent decline in June and a 10.1 per cent fall in May.
Electronics exports such as semiconductors contracted by 12.9 per cent, accelerating from a 1.7 per cent decline in June. Non-electronics exports, including pharmaceuticals, petrochemicals and specialised machinery, fell by 9.5 per cent from a 2.6 per cent fall in June.
DBS senior economist Irvin Seah said that the “poor July figures have added on to the economic gloom,” according to agency news.
“Economic numbers across the region are mostly heading down rather than up. For those maintaining a sanguine view on the near term outlook on the economy, this should be a wake-up call,” he said.
However, CIMB analyst Song Seng Wun attributed the decline to seasonal factors, such as extended July holidays in Indonesia and Malaysia where companies shut down for a full week, as well as the severe flooding in China.
“It’s not as bad as the headline numbers would have suggested,” Song told AFP, adding he expects exports to rebound in the coming months.
