business-india-news

Singapore's exports fall

Singapore, Dec 17 : Singapore's non-oil domestic exports dropped 8.8 percent in November, trade promotion agency International Enterprise Singapore said Tuesday.


The surprisingly sharp fall, following a growth of 2.8 percent in October, was attributed to a drop in shipments of both electronic and non-electronic products, reports Xinhua.

Economists had expected the non-oil domestic exports in November to expand 4.2 percent year-on-year.

The non-oil domestic exports to markets such as the Chinese mainland, Taiwan, and the US saw gains, but falls were recorded for other top ten export markets.

Exports to the Chinese mainland, the biggest buyer of goods made in Singapore, grew 16.2 percent, and exports to the US rose 10.3 percent. Shipments to the European Union fell 26.6 percent.

Electronic exports dropped 8.9 percent year-on-year in November, while non-electronic shipments fell 8.8 percent. In the non-electronics sector, pharmaceutical exports tumbled 46.9 percent.

Exports fell 9.3 percent in November on a month-on-month basis.

--IANS (Posted on 17-12-2013)

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