Singapore petchem exports down 3.2%, overall exports slump

18 March 2013 03:12  [Source: ICIS news]

SINGAPORE (ICIS)--Singapore’s petrochemical exports slipped by 3.2% year on year to Singapore dollar (S$) 1.1bn ($880m) in February 2013 as overall non-oil domestic exports (NODX) slumped, official data showed on Monday.

The city-state’s NODX fell by 30.6% year on year to S$11.5bn in February, in contrast to the 0.4% growth in January, because of the contraction in both electronic and non-electronic NODX, according to International Enterprise (IE) Singapore.

Singapore’s non-electronic NODX was down by 32% year on year at S$7.76bn, weighed by the 56.5% fall in pharmaceuticals exports, the trade promotion agency said in its monthly report.

On a year-on-year basis, exports to all of the city-state’s top ten NODX markets, except Taiwan, decreased in February 2013.

The top three contributors to the NODX contraction in February 2013 were the EU, the US and Hong Kong.

Singapore’s overall exports declined by 19.5% year on year in February to $36.3bn, while total imports was down by 14.7% at S$33.8bn.

($1 = S$1.25)

By: Nurluqman Suratman

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