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S'pore exports down 19%
Fri, May 15, 2009
Reuters

SINGAPORE (Reuters) - Singapore's non-oil exports slipped back in April from March following two months of growth, reinforcing the view that while the worst of the downturn may be over there is no clear sight of recovery.

A Reuters survey of seven analysts forecast that non-oil exports fell in April by a seasonally adjusted 1.2 percent from March. That would follow rises of close to 11 percent in March - a two-year high - and 1.8 percent in February.

April exports fell 19 percent from a year earlier, the survey showed, marking the 12th month of annual contraction.

Singapore's economy has been plunged into a deep recession because of the global slump in world trade. Rival exporter and financial centre Hong Kong has also slumped into recession.

"We've seen electronics and non-electronics picking up slightly, so that will count for just a slight increase," United Overseas Bank economist Chow Penn Nee said of Singapore's April exports.

"But as of now we're not really talking about a pick-up yet, maybe we have to see a few more months."

Singapore's non-oil exports plunged a record 35 percent in January from a year earlier, then slowed to an annual contraction of 24 percent in February and 17 percent in March, tracking falls in other Asian export-dependent economies such as South Korea and Taiwan.

However, shipments to China in March rose on an annual basis for the second month running suggesting some Asian exporters were benefiting from Beijing's 4 trillion stimulus package.

Singapore gross domestic product fell in the first quarter by a record 11.5 percent from a year earlier and the government expects the economy to shrink up to 9 percent this year. Final first-quarter GDP figures are due on Thursday.

 

 

 
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