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August 18, 2009

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Home » Business » Economy

Singapore exports post better showing

SINGAPORE'S slumping non-oil exports improved in July as global demand for the city-state's products slowly recovered.

Exports fell 8.5 percent in July from the same month of 2008 to S$12.5 billion (US$8.7 billion) following an 11 percent drop in June, according to Trade and Industry Ministry figures released yesterday. Compared to June, exports rose a seasonally adjusted 6.1 percent.

"The release represents a good start to the third quarter," said Robert Prior-Wandesforde, senior Asia economist with HSBC. "In our view, the economy has embarked on a vigorous, sustained recovery."

The island's economy grew an annualized 20.7 percent in the second quarter after contracting each of the previous four quarters. The government expects the economy to shrink up to 6 percent this year after growing 1.1 percent last year.

Non-oil exports, which have fallen for 15 straight months, were equal to about 60 percent of gross domestic product last year.

Electronic products fell 15 percent while petrochemicals dropped 32 percent.


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