Singapore’s export figures down but analysts not pessimistic

+ Official Coverage on Channel NewsAsia website

17 January 2013
Channel NewsAsia – Singapore Tonight

Singapore’s export figures down but analysts not pessimistic

Singapore’s exports witnessed a sharp decline in December 2012. Spire Research and Consulting was invited to share its thoughts on Channel NewsAsia – Singapore Tonight.

The latest figures for Singapore’s non-oil domestic (NODX) showed a 16.3 percent year-on-year contraction, the worst performance in 14 months according to recent figures from International Enterprise (IE) Singapore.

Singapore’s declining exports in electronics indicated that products under disk media and PC parts categories were paving the way for further decline. This had resulted in reduced shipments to the US (down 27.7%), South Korea (down 26.8 per cent) and Malaysia (down 19.9%), amongst the top 10 crucial markets.

Leon Perera, Chief Executive Officer of Spire Research and Consulting, reasoned that, “Some of this also points to export competitiveness issues such as the strong Singapore dollar and the fact that the electronics sector tends to be skewed towards product categories that are not as ‘high-growth’.”

However, analysts seemed to agree that Singapore could still be expected to achieve the growth forecast set forward by the government. One reason for this optimism was the fact that the NODX month-on-month figure was much better than the year-on-year figure. Moreover other economic sectors were not necessarily seeing the same downturn as electronics exports.

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