Thu. May 26th, 2022

Singapore’s total exports in June declined for the fifth month by 2.9
percent year-on-year or 1.6 percent month-on-month, according to the
International Enterprise (IE) Singapore.

The country’s June exports extended the longest run of declines since the global financial crisis.

The July 17 IE Singapore report says non-oil domestic exports (NODX)
slid 8.8 percent from a year earlier, mainly due to decreases in
non-electronics and electronics exports.

The
island’s shipments of electronics dropped 12.4 percent last month from a
year earlier, extending the slump to an 11th month.

ADB assistant chief economist Joe Zveglich attributed the decrease to
the weak growth coming from the advanced economies and their weak
demand.

Exports of non-electronics products in
June fell 7.1 percent year-on-year with pharmaceuticals shipments
dropping 35.4 percent; structures of ships and boats, 97.5 percent; and
specialised machinery, 24.1 percent.

The IE
Singapore also said in its release that NODX to all of the top 10
markets, except China, decreased in June. Singapore’s exports to
Malaysia, its largest trading partner, went down by 17.1 percent; to
its second largest partner, the EU, tumbled 33.6 percent; and to the
world’s largest economy as well as Singapore ’s fifth largest partner,
the US, declined 15.9 percent.

Last week,
Singapore’s Trade and Industry Ministry reported that manufacturing
sector expanded 37.6 percent quarter-on-quarter and 1.1 percent
year-on-year while services grew 5.0 percent year-on-year or 8.1 percent
quarter-on-quarter.

Thanks to the
improvements in some sectors, the ministry estimated that Q2 GDP
surged 15.2 percent quarter-on-quarter or 3.7 percent compared to one
year earlier.

The government forecasts exports will rise 2-4 percent and GDP growth will be 1-3 percent this year.-VNA

By vivian