Mike King, Special Correspondent | Oct 19, 2012 3:42PM EDT
Singapore saw non-oil domestic exports decline 3.4 percent year-over-year in September as demand from the U.S. and Europe contracted.
Electronic exports were hardest hit, falling 16.4 percent compared to a year earlier as consumers worldwide moved away from PCs and laptops - markets that Singapore’s components suppliers are strongest in - and towards mobile devices.
Exports to the EU and the U.S. contracted 15.7 and 7.2 percent year-over-year in September, respectively. Exports to China, Singapore’s second biggest export market after Europe, gained 1.8 percent after contracting in August.
The port of Singapore, which primarily relies on transhipment traffic rather the domestic cargoes, saw volumes surge by more than 8.3 percent last month to total 2.6 million TEUs.
Contact Mike King at michael@borderline.eu.com.