Singapore exports slump in September
published : 17 Oct 2017 at 11:24
writer: Bloomberg News
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.