Singapore key non-oil exports down 30 percent in August

Singapore key non-oil exports down 30 percent in August

SINGAPORE (AFP): Singapore's key non-oil exports plummeted 29.9 percent in August from a year earlier due to a deteriorating global economy and a slump electronics demand, the government said Monday.

"The decline was due to the downturn in the global electronics demand, and the continued slowdown in the major economies such as the United States, European Union and Japan," the Trade Development Board (TDB) said.

Electronics exports contracted by 37.5 percent in August on a year-on-year basis, led by the city-state's semiconductor exports, which fell a whopping 60.9 percent, the TDB said.

The fall in August marked the sixth straight month that non- oil domestic exports (NODX), the barometer of the health of Singapore's trade-driven economy, has plunged into negative territory.

It is Singapore's worst trade performance so far this year and it eclipses the 24.2 percent plunge posted in July.

The figures are closely watched because they give insight into the performance of the electronics sector which accounts for the bulk of non-oil exports.

Electronics make up half of the output of the all-important manufacturing sector, which in turn accounts for 22 percent of economic activity.

The board said "exports of electronics continued to be dampened by the depressed global demand".

Singapore's depressing performance was reflected by the sharp falls in exports to its top 10 trading partners, led by the U.S.

The TDB blamed the 42.2 percent slump in NODX to the U.S. on a continued fall in exports of major electronic items such as disk drives, integrated circuits and telecommunications equipment.

NODX to the EU fell 20.9 percent and to Malaysia by 23.6 percent.