Singapore January non-oil exports fall record 35% on-year

[MacDuck]

By Ng Baoying, Channel NewsAsia | Posted: 17 February 2009 1322 hrs

 

SINGAPORE: Singapore's January non-oil domestic exports suffered their largest year-on-year fall since records began in 1977, tumbling a worse-than-expected 35 per cent.

 

January was also the ninth consecutive month of shrinking exports here. This came on the back of falling demand from all of Singapore's top 10 markets amid a global economic slowdown.

 

Compared to the previous year, exports to China fell by 52 per cent in January, while those to the US decreased by 50 per cent.

 

Electronic products led the overall decline, dropping by 38 per cent on-year after shrinking by 25 per cent in December. Non-electronic product exports fell by 32 per cent.

 

Compared to December, non-oil domestic exports shrank 21 per cent.

 

On a month-on-month, seasonally adjusted basis, exports fell by 3.2 per cent in January, compared to December's 11 per cent slide.

 

Analysts noted that the decline was worse than that of September 2001, following the terrorist attacks in the US, when exports dropped 30.7 per cent.

 

Across the region, Asian exports have been on the decline as the global economic downturn depressed demand for goods. Other badly hit countries included Japan, South Korea and Taiwan.

 

- CNA/yb

[MacDuck]

More retrenchments on the way? [shakehead]

[Jerms]

wonder if SQ will retrench....

 

Anyway.. who thinks market will start to pick up end this year or early next year?

[MacDuck]

Was reading a report yesterday, SQ shares forecasted to hit $7.60.

 

STI also predicted to hit 1300pts by end of Q2.

 

 

SIA cargo pilots have also been told to go on unpaid leave for up to 30 months!

[Wt_know]

big companies reap millions and millions of profit during good time. we have to make god damn sure that they do not get bail out.

there is no free lunch that good time reap profit and take millions of bonuses and bad time ask for bail out. whether it is government reserve or not it is taxpayer money.

Edited February 18, 2009 by Wt_know

[Rickster]

Was reading a report yesterday, SQ shares forecasted to hit $7.60.

 

STI also predicted to hit 1300pts by end of Q2.

 

 

SIA cargo pilots have also been told to go on unpaid leave for up to 30 months!

 

 

SItuation is really bleak now...even pilots also go out of job, no one will be spared.