Country Report Singapore
The Economist Intelligence Unit, May 2013, Pages: 25
Non-oil domestic exports fell by 1% year on year in April, according to data released by International Enterprise Singapore (IES), slowing from a 4.8% decline in March and a 30.6% slump in February.
The weakness in the trade data continues to be led by the electronics industry, exports of which fell by 9% year on year, following a decline of 17.9% in March. Exports of non-electronic goods extended the turnaround seen in March, rising by 3.3% in April (exports of non-electronic goods rose by 2.3% in March). On a seasonally adjusted month-on-month basis, overall exports rose by 1.1%, slowing from an 8% expansion in March. The improvement was driven by a rise in electronic exports, which offset a decline in non-electronic exports. Export receipts increased marginally, to S$14.4bn (US$12bn) in April, from S$14.3bn in March.
The year-on-year contraction in electronic exports was largely due to lower exports in three segments: personal computer parts (down 37.5%), integrated circuits (down 11.7%) and disk media products (down 35.5%). Exports from these segments have contracted every month this year, highlighting how PC sales are losing out to sales of smart phones. Meanwhile, non-electronic exports posted growth for a second consecutive month in April. The increase reflected a 130.8% year-on-year jump in printed matter exports, extending a 315.9% rise in March. Petrochemical exports expanded by 19.3%, while export receipts from aircraft parts rose by 28%. Exports of pharmaceuticals fell by 11.8% year on year, after rebounding by 2.9% in March, again displaying the high volatility of exports in this industry.
Country Report Singapore
Exports decline for a third straight month
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