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Singapore exports post surprise fall as electronics decline continues

Reuters  |  SINGAPORE 

By Fathin Ungku

(Reuters) - Singapore's non-unexpectedly fell from a year earlier in March as fell for the fourth consecutive month, official data showed on Tuesday.

fell 2.7 percent in March from a year earlier, according to trade agency International Enterprise Singapore, a slower decline than the revised 6.0 contraction the month before but worse than the 0.2 percent increase predicted by economists in a poll.

fell again in March at 7.1 percent year-on-year, but improved from the 12.7 percent contraction in the month earlier.

"It could be because of spillover from when they shut down factories for two weeks in February," Selena Ling, at said. However, she noted the continued decline of is "disconcerting".

The global boom has benefited and other trade-dependent Asian economies in the past year, particularly for makers of products and components such as semiconductors, but growth has started to moderate this year.

Ling said the central bank's recent policy tightening and the government maintaining growth projections for this year in the upper half of its 1.5 percent to 3.5 percent growth forecast range show policymakers remain confident about the outlook.

Full-year economic growth hit a 3-year high in 2017, thanks to its production. The Monetary Authority of tightened policy for the first time in six years at its semiannual meeting last week.

On a seasonally adjusted month-on-month basis, fell 1.8 percent after contracting a revised 2.7 percent in February.

The poll predicted a 4.7 percent rise.

The city-state's economy is expected to continue growing steadily even as it acknowledged risks from a trade spat between the and

"The downside risk (to growth) that everyone is looking at is trade tensions in impacting not just trade, but business confidence and investment flows," Ling said.

(Reporting by Fathin Ungku; Editing by Sam Holmes)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, April 17 2018. 10:21 IST