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November 17, 2008

Singapore’s exports decline 15% in October
Singapore's key exports slumped more by a larger-than-expected margin in October compared to a year ago, as both electronic and non-electronic exports fell on the back of slower global demand, reported Channel News Asia.

Data from International Enterprise Singapore (IE Singapore) showed the Republic's non-oil domestic exports fell 15 per cent on-year, versus a milder decline of 5.7 percent in September.

Economists polled by Dow Jones newswires last week said they were expecting an 8.7 percent drop.

IE Singapore said Monday shipment of electronic products contracted 15 per cent on-year.

This was due to declines in the shipment of consumer electronics and parts for integrated circuits.

Non-electronic exports, meanwhile, also fell 15 per cent, led by reduced shipment of pharmaceuticals, ships and boats, petrochemicals and primary chemicals.

IE Singapore said exports to Singapore's top 10 markets recorded contractions.

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