Sunday, September 16, 2012

Singapore's non-oil domestic exports down by 11% in August

SINGAPORE: Latest data by trade agency, I-E Singapore, showed exports declined by 11 per cent in August, compared to the 5.7 per cent increase in the previous month.

The figure was worse than expected by economists, who were expecting a drop of 3.3 per cent.

On a month-on-month basis, non-oil domestic exports decreased by 9.1 per cent in August, following the previous month's 3.6 per cent decline.

Exports to the European Union slumped 29 per cent from a year ago, while exports to Taiwan surged 17 per cent.

The contraction in electronic was due to parts of PCs, telecommunications equipment and consumer electronics.

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