Singapore: Dec Non-oil Exports Plunge 21%
Business 2009-01-16 14:02
SINGAPORE: Singapore's non-oil exports, which account for two-third of the city-state's gross domestic product, plunged in Dec, underlining that the country is mired in its worst recession for decades.
Exports in December fell 21% 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 (16 Jan). Exports fell 13% in Dec 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% last year from 7.7% in 2007, and the government's GDP forecast for this year is a range between 1% growth and a 2% contraction.
The drop in exports was led by electronic products, which decreased 25% in Dec, and a 51% drop in pharmaceuticals, the ministry said.
Exports, which have fallen for eight straight months, slid 18% in Nov and 15% in Oct from a year earlier.
Non-oil imports fell 14% in Dec from the same month a year earlier after dropping 12% in Nov, the ministry said. (AP)
Business 2009-01-16 14:02
SINGAPORE: Singapore's non-oil exports, which account for two-third of the city-state's gross domestic product, plunged in Dec, underlining that the country is mired in its worst recession for decades.
Exports in December fell 21% 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 (16 Jan). Exports fell 13% in Dec 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% last year from 7.7% in 2007, and the government's GDP forecast for this year is a range between 1% growth and a 2% contraction.
The drop in exports was led by electronic products, which decreased 25% in Dec, and a 51% drop in pharmaceuticals, the ministry said.
Exports, which have fallen for eight straight months, slid 18% in Nov and 15% in Oct from a year earlier.
Non-oil imports fell 14% in Dec from the same month a year earlier after dropping 12% in Nov, the ministry said. (AP)
