September exports dip in Singapore on reduced global demand for electronics, petrochemicals

16-Oct-09
September exports (excluding oil) dipped by over 7% in Singapore as global demand for electronics and petrochemicals took a hit. This has come as a hurdle in the island country’s trade recovery. Exports excluding oil fell 7.2 percent in September as compared to the same month last year to S$12.8 bln (US$9.2 bln). Compared to August, exports rose a seasonally adjusted 3%. Non-oil exports totalled to about 60% of gross domestic product (GDP) last year. Electronic products, which account for 37% of non-oil exports, fell 14%, and exports of petrochemicals dropped 17%. Non-oil exports fell by 15% to Europe, by 4.7% to USA and by 15% to China. Singapore saw a 35% plunge in sales abroad at the end of last year, that started recovering since January with smaller year-on-year drops until last month. For the first time in 18 months, analysts expect Singapore's exports to grow in October.
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