Singapore's non-oil exports fall sharply in July.
Singapore's non-oil domestic exports (NODX) plunged 24.2% last month on a year-on-year basis to S$7.4 billion ($4.2 billion), according to the latest monthly trade data released by the government on Friday.
Analysts had expected a fall of about 20% on average.
The Singapore Trade Development Board, which released the data, said Singapore's ''external trade continued to be hit by the depressed global electronics demand as well as the slowdown in the major economies such as the United States, European Union and Japan.''
The slide in NODX began in March this year, with a fall of 2.2%, followed by 1.4% in April, 9% in May, and 17% in June.
The precipitous drop in NODX in July was mainly due to the slump in demand for electronic products such as integrated circuits, disk drives, personal computers and telecommunications equipment.
Exports of Singapore-originated electronics products dived 32.5% in July after falling 21.3% in June.
The board said non-oil domestic exports to the U.S., Singapore's biggest market, plummeted 35% in July to S$1.6 billion, after dropping 24.5% in June. NODX to Japan also deteriorated, falling 22.8% to S$680 million in July, after declining by 10.7% in June.
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|Publication:||Asian Economic News|
|Date:||Aug 20, 2001|
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