Singapore's non-oil exports slow down in March.
Singapore's non-oil domestic exports (NODX) slid 2.1% in March on a year-on-year basis to S$9.6 billion ($5.3 billion), according to the government's latest monthly trade data issued Tuesday.
The slowdown is ''in line with the weakening global electronics demand and slowing U.S. economy,'' said the Singapore Trade Development Board, which issued the data.
NODX is key trade data widely watched by analysts monitoring the Singapore economy as it shows exports of locally manufactured products -- about 60% of which are electronics.
The 2.1% fall in NODX is a sharp slowdown from positive growth of 5.4% in February and 9% in January.
Exports to the United States, Singapore's largest market, plummeted 10% to S$2.2 billion last month after sliding 8.9% in February.
The other key markets offered little comfort. Exports to Japan sank 5.9% after posting 34.3% growth in February.
Also, exports to the European Union fell 7.5% in March while exports to Malaysia dipped 8.9%.
On a product basis, electronics exports overseas dropped 10.6% in March, the second consecutive month of decline, while exports of non-electronics products continued to remain strong with 14.4% growth.
Among electronics, telecommunications equipment exports dived 34.5% to S$185 million while personal computer exports fell 17.8% to S$311 million.
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|Publication:||Asian Economic News|
|Date:||Apr 23, 2001|
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