Thursday, July 17, 2008

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Singapore Exports Down 10.5% in June: Impact of Global Slowdown May Increase in Second Half 2008: Technical Recession Possible

Singapore's non-oil domestic exports is down 10.5% in June, the worst half-yearly trade data since 2002, grossly below the forecast of economists who had expected a modest decline of 2.8%.

The global slowdown is here, declared the eonomists stunt by the sharp decline.

Singapore is the Asian economy most exposed to the G3 countries - the US, Japan and Germany. Growth has been quite impressive in other Asian economies but may change in the second half when the impact of slower economic growth hits the rest of Asia. China, for instance, is already seeing a mild slowdown in economic growth, down to 10.1% year-on-year in the second quarter after rising 10.6% in the first quarter.

Singapore exports to the Europe, US and China fell 16.1%, 24.3% and 11.7% respectively in June. In May, IE Singapore lowered its forecast for export growth this year to 2%-4% from an earlier 4%-6%.

Electronics shipments made their 17th consecutive decline in June, down 14.6% from a year earlier. Non-electronics shipments, including petrochemicals and pharmaceuticals, fell 7.9 % on year.

Anaylsts do not discount a technical recession happening in the next quarter here in Singapore.

May also want to read:
History of Singapore Property 1960 to 2008
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When to Buy, When Not to buy
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