Singapore's exports decline 8.8% in June on lower electronics and drugs shipments

Staff members at work at R-Logic, an SME offering repairs and customer care services for consumer electronics. Exports from Singapore continued to decline last month, dragged down by a decrease in foreign demand for electronics and pharmaceutica
Staff members at work at R-Logic, an SME offering repairs and customer care services for consumer electronics. Exports from Singapore continued to decline last month, dragged down by a decrease in foreign demand for electronics and pharmaceuticals. -- ST FILE PHOTO: CHEW SENG KIM

Exports from Singapore continued to decline last month, dragged down by a decrease in foreign demand for electronics and pharmaceuticals.

Non-oil domestic exports shrank 8.8 per cent in June over the same month a year ago, after falling 4.6 per cent in May, said trade agency IE Singapore on Wednesday.

Electronics exports dived 12.4 per cent in June compared with the previous year, largely due to lower demand for integrated circuits, PC components and disk media products, the agency said.

Non-electronics exports also dropped 7.1 per cent, led by fewer shipments of pharmaceuticals, structures of ships and boats, and specialised machinery.

Shipments to nine of Singapore's top 10 export markets dropped in June, with only China bucking the trend. The worst falls were seen in exports to Europe, Indonesia and Japan, IE Singapore said.

However, exports rose on a seasonally-adjusted month-on-month basis, the agency added.

Non-oil domestic exports increased 3.2 per cent in June over May, reversing the previous month's 1.1 per cent contraction as both electronics and non-electronics shipments increased.

On a seasonally-adjusted basis, exports climbed to $14.7 billion in June, higher than the $14.3 billion registered in May.