Minister Salary Cut!

Up their salary 33% and still export drop! Pay peanut still get monkey, might as well give them banana...

S'pore's October exports slump worse-than-expected 15% on-year

SINGAPORE: Singapore's key exports slumped more by a larger-than-expected margin in October compared to a year ago, as both electronic and non-electronic exports fell on the back of slower global demand.

Data from International Enterprise Singapore (IE Singapore) showed the Republic's non-oil domestic exports fell 15 per cent on-year, versus a milder decline of 5.7 per cent in September.

Economists polled by Dow Jones newswires last week said they were expecting an 8.7 per cent drop.

IE Singapore said Monday shipment of electronic products contracted 15 per cent on-year.

This was due to declines in the shipment of consumer electronics and parts for integrated circuits.

Non-electronic exports, meanwhile, also fell 15 per cent, led by reduced shipment of pharmaceuticals, ships and boats, petrochemicals and primary chemicals.

IE Singapore said exports to Singapore's top 10 markets recorded contractions.

Already the new US Democrat President is going to protect their own economy and spend inside rather than purchase from oversea. Exporting will bad hit SG.

Even Taiwan also thought of using voucher that can be use in internal market. Thus less spending goes out of economy. I guess SG will be in for a hard time...