SINGAPORE: The Republic’s export slump deepened in April as non-oil shipments fell 7.9 per cent, according to latest figures released by International Enterprise (IE) Singapore on Tuesday (May 17).
The decline, which was in line with the median forecast of a Reuters poll of 12 analysts, follows a three-year low of 15.7 per cent contraction in shipments in March.
Exports of electronic products slumped 7.4 per cent in April, after a 9.1 per cent decrease in the previous month. The decline was largely due to PCs (-21.6 per cent), parts of PCs (-23.4 per cent) and ICs (-3.4 per cent).
Non-electronic exports fell 8.1 per cent, after an 18 per cent slump in March. The decline was led by structures of ships and boats (-94.3 per cent), petrochemicals (-16.7 per cent) and civil engineering equipment parts (-54 per cent).
Exports to all of Singapore’s top 10 markets, except the European Union and Hong Kong, contracted. The top contributors to the decline were Taiwan, South Korea and Indonesia, IE Singapore said.
Non-oil re-exports (NORX) also fell in April, contracting 2.8 per cent following the 3 per cent decline in the previous month, the agency said.
Electronic re-exports shrank 6.8 per cent, following a 2.8 per cent fall in March. The contraction was due to ICs (-9.3 per cent), parts of PCs (-17.3 per cent) and telecommunications equipment (-7.4 per cent).
Non-electronic re-exports expanded 1.8 per cent, compared to the 3.2 per cent decline the previous month. The expansion was due to precious stones and pearls (+124.6 per cent), petrochemicals (+41.7 per cent) and jewellery (+57.7 per cent).