Singapore’s non-oil domestic exports fell unexpectedly in March as a recovery in electronics and a strong showing by pharmaceuticals were weighed down by a 99% drop in ship and oil rig sales that tend to vary sharply from month to month.
Another surprise was a year-on-year dip in the city-state’s exports to China even as shipments to Europe and the United States rose, highlighting the risk a slowing Chinese economy could have on the rest of Asia.
Non-oil domestic exports fell 4.3% in March from a year earlier, even as electronics shipments rose 2.8% year-on-year and pharmaceuticals soared 43%.
On a seasonally adjusted basis, non-oil domestic exports fell 16.8% from February.
Economists polled by Reuters had expected exports to fall a seasonally adjusted 8.3% month-on-month but expand 6.3% year-on-year.
While exports to Europe, the United States and Japan rose, shipments to China fell 0.9% from a year earlier due to a decline in semiconductor components, petrochemicals and food preparations, trade agency International Enterprises Singapore said in a statement.
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