Singapore's export growth slower in June but 2004 forecasts raised<\/p>\n
Agence France-Presse
\nSingapore<\/p>\n
Singapore's main exports grew 20.9 percent in June from a year
\nago, slower than the previous month's 27.7 percent, but the
\noutlook for the rest of the year remains upbeat, the government
\nsaid on Friday.<\/p>\n
In the January-June period, non-oil domestic exports (NODX)
\nrose 17.8 percent on year to S$63.2 billion (US$37.18 billion),
\nInternational Enterprise Singapore said in a statement.<\/p>\n
NODX in June were worth S$11.1 billion, within market
\nprojections of 17.0-23.5 percent, and total trade expanded an
\nannual 27.1 percent to S$48.84 billion.<\/p>\n
\"This positive performance is supported by the brighter
\noutlook in the external environment, as well as the strengthening
\nof the global electronics demand and the improving demand in the
\nregional economies,\" it said.<\/p>\n
\"All major trade components performed well in the first half
\nof 2004,\" it added.<\/p>\n
Total trade in the first half was up a robust 21.9 percent at
\nS$274 billion, the government trade promotion arm said as it
\nraised the year's projections for trade growth to 15.0-17.0
\npercent from 8.0-10.0 percent.<\/p>\n
Continued strong export orders, especially for electronics
\ngoods, from the world's major economies were the main reason
\nbehind the revised projections, IE Singapore said.<\/p>\n
\"Global business confidence has bettered previous
\nexpectations, and governments in key Asian economies have also
\npumped up spending in the domestic economy,\" it said.<\/p>\n
In January-June, NODX to Singapore's top 10 destinations was
\nup on increased electronics orders, with the United States the
\nonly market where shipments fell.<\/p>\n
Particularly encouraging for Singapore in the first half was a
\n48 percent jump in NODX to China.<\/p>\n
NODX to regional markets like Malaysia and Thailand also
\nposted growth of more than 10 percent from a year ago.<\/p>\n
Electronics, which make up half of Singapore's NODX,
\naccelerated 14.2 percent in the first half, while non-electronics
\nexports, led by pharmaceuticals and petrochemicals, also put in a
\nrousing display with a 21.7 percent surge.<\/p>\n
In June, electronics exports grew 29.6 percent to S$5.79
\nbillion from a year ago and non-electronics exports, worth S$5.32
\nbillion, rose 12.6 percent.<\/p>\n
Economists say the NODX numbers in June and the first six
\nmonths of 2004 were within expectations, but they did not share
\nthe government's optimistic projections for the full year.<\/p>\n
\"I believe some slowing down will take place in the second-
\nhalf... I think the outlook for electronics may not be that
\nupbeat,\" Suan Teck Kin, economist at Oversea-Chinese Banking
\nCorp.'s investment research arm, told AFP.<\/p>\n
\"Demand might moderate somewhat... and China is going to slow
\ndown its economy,\" he said, referring to Beijing's recent public
\nremarks on plans to cool down its red-hot economy.<\/p>\n
On the bright side, Suan said pharmaceutical exports would
\nlikely remain strong, helping offset the projected slowdown in
\nelectronics demand.<\/p>\n
The monthly NODX figures are one of the main health indicators
\nof Singapore's S$160 billion economy, which is heavily reliant on
\nexternal trade.<\/p>",
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