Singapore hit by export fall

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Singapore remains a regional economic titan. Source: Wikimedia
Non-oil domestic exports (NODX) in Singapore dipped 3.3 per cent in November, after recording flat growth in October, trade agency International Enterprise (IE) Singapore has announced.

On a month-on-month basis, NODX was down 3.8 per cent, compared with the 0.3 per cent decline in October.

Electronic exports grew by 0.7 per cent on a year-on-year basis in November in contrast to the 3.2 per cent decrease in the previous month. The growth was largely due to telecommunications equipment (41.4 per cent), computer peripherals (80 per cent) and diodes and transistors (6.5 per cent), the trade agency said.

Non-electronic exports fell by 5.1 per cent, compared with the 1.4-per-cent rise in the previous month. The decline was dominated by pharmaceuticals (-12.5 per cent), structural parts (-91.3 per cent) and food preparation (-24.6 per cent).

Exports to all of the top 10 markets – except the US, Japan, Thailand and South Korea – fell last month. The chief contributors to the fall were China, Malaysia and the European Union, according to the trade report.

Electronic re-exports increased by 7.7 per cent last month, after the 13.1 per cent growth in October. The expansion was driven by ICs (6.9 per cent), diodes and transistors (23.1 per cent), and telecommunications equipment (13.1 per cent).

However, non-electronic re-exports rose by 2.3 per cent, compared to the 1.4 per cent decline in October. The increase was largely due to pharmaceuticals (100.3 per cent), aircraft parts (35.8 per cent) and alcoholic beverages (53.8 per cent), IE Singapore announced.

In brighter news for the city-state, six Singapore-made satellites were successfully launched into space from Andhra Pradesh in India.

The Indian Space Research Organisation’s veteran Polar Satellite Launch Vehicle, which was carrying the satellites, blasted off at 8.30pm on Wednesday.

The satellites will orbit the equator, gathering data on the equatorial region. This movement allows the satellites to take images of Singapore, about every 100 minutes.

They would mainly be used to measure environmental conditions and aid city planning, it was announced.

Professor Chua Kee Chaing, dean of the NUS Faculty of Engineering, said the school’s deployment of its first two satellites was a “proud moment” and the launch was a “great celebration of Singapore’s Golden Jubilee, marking the significant progress of its nascent space industry”.