S'pore Jan exports fall

 

SINGAPORE'S exports fell a seasonally adjusted 8.9 per cent in January from December's revised 4.2 per cent increase.

Compared to a year ago, non-oil domestic exports rose by 21 per cent, which was lower than the 26 per cent rise in December 2008, according to figures released by trade promotion agency IE Singapore on Wednesday.

Electronics shipments climbed by 23 per cent in January from a year earlier to S$4.7 billion, after a 25.2 per cent gain the previous month, largely due to higher electronic domestic exports.

IE Singapore said exports to all the top 10 Nodx markets, except the European Union, rose, especially to China, Hong Kong and Taiwan, which went up by 76 per cent, 97 per cent and 104 per cent respectively.

Total trade expanded by 33 per cent in January from a year ago, after the 20 per cent rise in December 2008. But from a month ago, total trade grew by 3.5 per cent after a 2.4 per cent gain in the previous month.

Trade Minister Lim Hng Kiang said last month he does not expect a return to recessionary conditions in 2010 even as exports may grow at a 'sluggish pace.' Overseas shipments fell about 11 per cent in 2009, the worst performance in eight years.