Singapore Exports Fall in July
SINGAPORE (AP) _ Trade figures released Thursday show Singapore’s economy is continuing to spiral downward as external factors continue to hurt the vulnerable city-state.
Non-oil domestic exports, a key indicator of overall economic performance in the trade-driven island republic, fell 2.3 percent in July compared to the same period last year, according to the Ministry of Trade and Industry’s Trade Development Board.
Exports have been down for several months, except for an unexpected 6.1 percent increase in June, which the board described as a statistical fluke. Non-oil domestic exports shrank 4.8 percent in April and 1.7 percent in May.
Exports of electronics products, the foundation of the manufacturing sector and an important segment of the overall economy, fell 5 percent in July from a year earlier, following 3.7 percent growth in June, the board said.
The July decline in electronics exports reflected a continued global oversupply of key products, notably hard disk drives, personal computers and printers, according to the report.
Non-oil domestic exports to four of Singapore’s top five markets fell in July from a year earlier, with growth posted only for shipments to the European Union.
Domestic oil exports in July also fell, dropping 18 percent from a year earlier, after a 22 percent decrease in June, the trade board reported.