Singapore's exports shrink again in Q2, falling 3.4% over last year

SINGAPORE - A drop in electronics shipments continued to weigh on Singapore's exports in the second quarter, trade agency IE Singapore said on Monday.

Non-oil domestic exports from Singapore fell by 3.4 per cent in the April to June period over last year, extending a two-year-long decline.

This follows a 1 per cent contraction in the first quarter of the year, IE Singapore said.

Domestic exports of electronic products, which make up slightly more than a quarter of non-oil domestic exports, slid by 13.8 per cent in the second quarter over a year ago, after falling 12.8 per cent in the first quarter.

In particular, factories shipped out fewer integrated circuits, personal computers, and personal computer parts.

Non-electronic exports rose 1.5 per cent in the second quarter from the previous year, although this was not enough to offset the decline in electronics shipments.

Exports of petrochemicals, printed matter and primary chemicals grew the most in the second quarter, IE Singapore said.

Singapore's overall trade rose 2.9 per cent in the second quarter from a year ago, moderating from a 7.2 per cent increase in the first quarter.

Non-oil re-exports also expanded by 2.9 per cent in the April to June period, down from a 14.3 per cent expansion in the first three months of the year.

IE Singapore has adjusted its full-year forecasts for trade and exports. It now projects total trade to grow by 1.5 to 2.5 per cent this year and non-oil domestic exports to shrink by between 1 and 2 per cent.