Singapore Exports Drop in June

July 17, 2014 Share Print 0

Singapore’s exports fell for a second straight month in June, trade agency International Enterprise Singapore said on Thursday, hit by a slump in shipments of electronics.

Singapore’s exports of electronics fell 17.4 percent year-on-year in June after a 15.3 percent decline in May, taking non-oil domestic exports down 4.6 percent in June – double the 2.3 percent drop forecast in a Reuters survey.

“This reinforces that Singapore’s exports are underperforming… Singapore’s exports are among the worst in Asia,” said Tim Condon, head of research Asia for ING Bank in Singapore.

“My conjecture is that this is a structural issue and it’s related to the productivity drive, that some of Singapore’s exporters have relocated to Malaysia,” Condon said.

Electronics is a key driver of Singapore’s exports but it is not as well positioned in the electronics supply chain to gain from growth in smartphones and other recreational tech products.

Singapore’s exports have been underperforming while Malaysia’s exports have outperformed, which is unusual as those two tend to move together, Condon added.

via CNBC

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.