Exports put in their worst performance in more than three years last month amid increasing trade tensions and a plunge in global demand for electronics. The decline was across the board, with non-oil domestic exports (Nodx) to most of Singapore's key markets recording heavy falls. Last month's grim numbers also underscore growing weakness in the trade sector over recent months. Shipments of non-oil domestic exports dived 15.9 per cent from May last year, the biggest drop since the 16 per cent slump in March 2016. While not as bad as the 18.7 per cent decline tipped in a Bloomberg poll, it was far worse than the 11.8 per cent fall in March and the 10 per cent contraction in April. Enterprise Singapore noted when it released the data yesterday that the decline came off a high base a year ago. Analysts also pointed to the global electronics slump and trade tensions, while raising concerns that worse may be ahead. "With the broadening of the United States-China trade war to a tech war, … [Read more...] about Biggest plunge in S’pore’s non-oil exports in 3 years
Electronic parts exports
Exports have worst showing in over 3 years
Exports put in their worst performance in more than three years last month amid increasing trade tensions and a plunge in global demand for electronics. The decline was across the board, with non-oil domestic exports (Nodx) to most of Singapore's key markets recording heavy falls. Last month's grim numbers also underscore growing weakness in the trade sector over recent months. Shipments of non-oil domestic exports dived 15.9 per cent from May last year, the biggest drop since the 16 per cent slump in March 2016. While not as bad as the 18.7 per cent decline tipped in a Bloomberg poll, it was far worse than the 11.8 per cent fall in March and the 10 per cent contraction in April. Enterprise Singapore noted when it released the data yesterday that the decline came off a high base a year ago. Analysts also pointed to the global electronics slump and trade tensions, while raising concerns that worse may be ahead. "With the broadening of the US-China trade war to a tech war, Singapore may … [Read more...] about Exports have worst showing in over 3 years
Singapore’s exports down 15.9% in May
SINGAPORE: Singapore's non-oil domestic exports (NODX) fell by 15.9 per cent in May, data from trade agency Enterprise Singapore showed on Monday (Jun 17).The drop, partly due to a sharp decline in shipments to China, was slightly smaller than the 16.5 per cent decline predicted by economists in a Reuters poll, but more than the 10 per cent fall seen in April.On a seasonally adjusted basis, exports rose 6.2 per cent month-on-month in May, following April's decline of 0.7 per cent due to a decrease in both electronic and non-electronic products.Both electronic and non-electronic exports declined, with shipments to most top markets falling.Electronic exports plunged 31.4 per cent in May year-on-year, on the back of the 16.3 per cent contraction in the previous month.Integrated circuits (ICs), disk media products and parts of ICs contracted by 39.8 per cent, 42.4 per cent and 54.2 per cent respectively, contributing the most to the decline in electronic NODX.Non-electronic exports … [Read more...] about Singapore’s exports down 15.9% in May
Huawei ban puts South Korea in a familiar place
SEOUL: Less than a week after Huawei Technologies was blacklisted by the United States, more than a hundred South Korean politicians and business leaders toured the Chinese tech giant's headquarters and its lavish new campus outside Shenzhen.Executives from firms such as Samsung Electronics watched demonstrations of high-speed robotics and smart city simulations powered by Huawei's next-generation 5G network equipment. The event was part of a Seoul-backed forum aimed at building tighter tech links between China and Asia's fourth-largest economy.But the gathering was overshadowed by the U.S. decision early this month to ban American tech and telecom firms from doing business with Huawei, and a push to get companies around the world to follow suit.The campaign against Huawei, and the broader U.S.-China trade war, have landed export-driven South Korea in a familiar bind, caught between its crucial security ally and biggest trading partner.Key global tech companies are suspending sales of … [Read more...] about Huawei ban puts South Korea in a familiar place
Export growth tipped to halve in fallout from trade conflict
Last Sunday, US President Donald Trump tweeted: “For 10 months, China has been paying tariffs to the US of 25 per cent on $50 billion of High Tech, and 10 per cent on $200 billion of other goods. These payments are partially responsible for our great economic results. The 10 per cent will go up to 25 per cent on Friday on $325 billion.” Krungthai Bank’s Global Business Development and Strategy Group predicted back in January that Thailand’s exports would grow by 4 per cent in 2019, a decrease from last year’s 6.7 per cent. However, after weak export performance in the first quarter of this year, they have revised down their export growth forecast to a mere 2 per cent. “If the tariffs President Trump threatened are implemented, Thai export growth in 2019 could go below 2 per cent,” said Phacharaphot Nuntramas, senior vice president of the Global Business Development and Strategy Group, during an interview with The … [Read more...] about Export growth tipped to halve in fallout from trade conflict