Singapore’s total exports in June declined for the fifth month by 2.9percent year-on-year or 1.6 percent month-on-month, according to theInternational Enterprise (IE) Singapore.

The country’s June exports extended the longest run of declines since the global financial crisis.

The July 17 IE Singapore report says non-oil domestic exports (NODX)slid 8.8 percent from a year earlier, mainly due to decreases innon-electronics and electronics exports.

Theisland’s shipments of electronics dropped 12.4 percent last month from ayear earlier, extending the slump to an 11th month.

ADB assistant chief economist Joe Zveglich attributed the decrease tothe weak growth coming from the advanced economies and their weakdemand.

Exports of non-electronics products inJune fell 7.1 percent year-on-year with pharmaceuticals shipmentsdropping 35.4 percent; structures of ships and boats, 97.5 percent; andspecialised machinery, 24.1 percent.

The IESingapore also said in its release that NODX to all of the top 10markets, except China, decreased in June. Singapore’s exports toMalaysia, its largest trading partner, went down by 17.1 percent; toits second largest partner, the EU, tumbled 33.6 percent; and to theworld’s largest economy as well as Singapore ’s fifth largest partner,the US, declined 15.9 percent.

Last week,Singapore’s Trade and Industry Ministry reported that manufacturingsector expanded 37.6 percent quarter-on-quarter and 1.1 percentyear-on-year while services grew 5.0 percent year-on-year or 8.1 percentquarter-on-quarter.

Thanks to theimprovements in some sectors, the ministry estimated that Q2 GDPsurged 15.2 percent quarter-on-quarter or 3.7 percent compared to oneyear earlier.

The government forecasts exports will rise 2-4 percent and GDP growth will be 1-3 percent this year.-VNA