Singapore exports losing edge: Report<\/p>\n
SINGAPORE (AFP): Singapore's export competitiveness is
\nweakening as a result of rising labor and business costs and the
\nstrengthening of the local currency, according to the U.S.
\ninvestment house Salomon Brothers.<\/p>\n
In a report released here, Salomon Brothers Singapore Pte.
\nLtd. said year-to-year unit labor costs were up 5.6 percent in
\nthe first quarter of the current financial year, the highest in
\n15 quarters.<\/p>\n
Unit business costs grew at 4.1 percent, the highest in 12
\nquarters, while labor productivity growth slowed to 2.8 percent
\nfrom 7.3 percent in the first quarter of 1994.<\/p>\n
\"With the unemployment rate falling to 1.7 percent in March
\n1995, cost pressures are likely to continue. Also the 3.6 percent
\nappreciation of the Singapore dollar versus the U.S. dollar so
\nfar this year is unlikely to help export competitiveness,\"
\nSalomon Brothers said.<\/p>\n
Despite buoyant growth in the first quarter, Singapore's
\nexport growth rate has shown signs of moderating.<\/p>\n
Salomon Brothers said growth of Singapore's exports to the
\nUnited States had slowed to 7.9 percent in the first quarter of
\n1995 from 16.2 percent and 15.3 percent in the first quarter and
\nfourth quarter of 1994.<\/p>\n
In March exports to the United States grew by only 0.9 percent
\nin what could be the \"first sign of weaker demand from the U.S.,\"
\nit said.<\/p>\n
The first quarter economic survey of the Singapore government
\nreleased on March 16 showed the economic growth rate slowing to
\n7.2 percent in January-March from 11.9 percent in the same period
\nof 1994.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/singapore-exports-losing-edge-report-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}