Singapore exports slump in September

Singapore exports slump in September

A general view of factories in the industrial district of Jurong in western Singapore, April 4, 2016. (Reuters file photo)
A general view of factories in the industrial district of Jurong in western Singapore, April 4, 2016. (Reuters file photo)

SINGAPORE: A surge in Singapore exports proved short-lived as a plunge in electronics orders put the brakes on goods flows in the trade-reliant country.

Non-oil domestic exports declined by 1.1% in September from a year earlier, the worst performance since December 2016, according to government data released Tuesday from International Enterprise Singapore.

Electronics products reversed their huge August gain, dropping by 7.9% year-on-year last month for the weakest since July 2016 as personal computers and diodes showed particular weakness.

Singapore had been enjoying an upturn in exports amid a global trade rebound that helped convince government officials to recently project a 2.5% growth performance for all of 2017. The Monetary Authority of Singapore, in a statement accompanying a decision Friday to maintain a neutral policy stance, said it expects growth to be slightly lower next year as the global recovery enters a “more mature” phase.

Underneath the headline numbers were big swings in several markets.

Malaysia proved an outlier among top markets, showing a 21.3% gain in non-oil exports, supported by a 46.6% surge among electronics.

Hong Kong was among those showing big declines, with a 33.7% electronics decrease that washed away the previous month’s 30.2% gain in that sector.

Also to blame was the pharmaceutical sector, which showed a 36% decline from September 2016, for the sixth consecutive year-over-year decrease.


Do you like the content of this article?
COMMENT

SCB, CP Group form venture fund seeking $800m

The country’s third-largest lender Siam Commercial Bank Plc has set up a venture capital fund with top agro-industrial conglomerate, Charoen Pokphand Group, SCB said on Wednesday, as it announces major restructuring.

22 Sep 2021

Macron expects 'clarifications' from Biden over submarine snub

PARIS: President Emmanuel Macron will Wednesday press US counterpart Joe Biden for "clarifications" when the two leaders speak for the first time since a fierce row erupted over the sale of submarines to Australia, France's government spokesman said.

22 Sep 2021

Police consider deportation of Malaysian transgender entrepreneur

Authorities are considering whether to deport a transgender businesswoman who was convicted this month of illegal entry and is wanted in Malaysia for insulting Islam, a case that has put a spotlight on Malaysia's approach to gender identity.

22 Sep 2021