SINGAPORE - Singapore's non-oil exports, which account for two-third of the city-state's gross domestic product, plunged in December, underlining that the country is mired in its worst recession for decades.
Exports in December fell 21 percent from a year earlier to 10.5 billion Singapore dollars ($7.0 billion) as consumer demand from Europe, China and the U.S. plummeted, according to Trade and Industry Ministry figures released Friday. Exports fell 13 percent in December from the previous month.
Singapore's economy has contracted in each of the last three quarters compared with the preceding quarters. Economic growth slowed to 1.5 percent last year from 7.7 percent in 2007, and the government's GDP forecast for this year is a range between 1 percent growth and a 2 percent contraction.
The drop in exports was led by electronic products, which decreased 25 percent in December, and a 51 percent drop in pharmaceuticals, the ministry said.
Exports, which have fallen for eight straight months, slid 18 percent in November and 15 percent in October from a year earlier.
Non-oil imports fell 14 percent in December from the same month a year earlier after dropping 12 percent in November, the ministry said.
Exports in December fell 21 percent from a year earlier to 10.5 billion Singapore dollars ($7.0 billion) as consumer demand from Europe, China and the U.S. plummeted, according to Trade and Industry Ministry figures released Friday. Exports fell 13 percent in December from the previous month.
Singapore's economy has contracted in each of the last three quarters compared with the preceding quarters. Economic growth slowed to 1.5 percent last year from 7.7 percent in 2007, and the government's GDP forecast for this year is a range between 1 percent growth and a 2 percent contraction.
The drop in exports was led by electronic products, which decreased 25 percent in December, and a 51 percent drop in pharmaceuticals, the ministry said.
Exports, which have fallen for eight straight months, slid 18 percent in November and 15 percent in October from a year earlier.
Non-oil imports fell 14 percent in December from the same month a year earlier after dropping 12 percent in November, the ministry said.
