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18 November 2009

Singapore posted 12% drop in non-oil exports in October

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Singapore's exports stumbled in October as global demand for the city-state's electronics and petrochemicals languished, reported the Associated Press.

Exports excluding oil fell a seasonally adjusted 12.6 percent from September, the biggest monthly drop since 2002, after rising slightly the previous two months, according to Trade and Industry Ministry figures released Tuesday.

Compared to the same month of 2008, exports fell 6.1 percent in October to 12.5 billion Singapore dollars ($9.0 billion) following a 7.3 percent drop in September.

"It is beginning to look as though not everything in Singapore's garden is rosy right now," said Robert Prior-Wandesforde, senior Asia economist for HSBC in Singapore. "It will most likely prove a pause for breath ... but clearly the situation needs watching closely."

Singapore emerged from recession last quarter as gross domestic product grew an annualised seasonally adjusted 15 percent. The government expects the economy to contract up to 2.5 percent this year after growing 1.1 percent last year. Non-oil exports were equal to about 60 percent of gross domestic product last year.



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