Business

Published: Monday May 18, 2009 MYT 2:47:00 PM

Singapore said Monday April exports fell 19%


SINGAPORE: Singapore's non-oil exports plunged in April, an ominous sign that suggests a severe recession in Asia's export-dependent economies may extend into the second quarter.

Exports in April fell 19 percent from a year earlier to 11.3 billion Singapore dollars ($7.7 billion) following a 17 percent drop in March, according to Trade and Industry Ministry figures released Monday.

Exports dropped a seasonally adjusted 1.3 percent in April from the previous month, the ministry said.

As an open economy that relies on trade, finance and tourism, Singapore has taken the brunt of a collapse in demand from the U.S. and Europe during the past six months.

The tiny city-state, with a population of about 5 million, has less domestic demand to fall back on than fellow regional exporters such as China, South Korea, Taiwan, and Japan.

Singapore's economy has contracted each of the last four quarters compared with the preceding quarters, including an annualized 19.7 percent in the first quarter.

The government expects the economy to shrink as much as 9 percent this year.

Non-oil exports, which accounted for about 60 percent of GDP last year, fell 26 percent in the first quarter from a year earlier

Exports have fallen for twelve straight months, and were led down by electronic products - which decreased 26 percent from a year earlier in April - and a 39 percent drop in petrochemicals, the ministry said.

Pharmaceuticals jumped 42 percent.

The country's exports to Europe in April fell 33 percent while sales to the U.S. dove 35 percent.

Sales to China dropped 18 percent.

Non-oil imports fell 27 percent in April from the same month a year earlier after dropping 25 percent in March, the ministry said. - AP


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