Singapore’s exports climbed in June at less than a third the pace estimated by economists as manufacturers shipped fewer electronics goods and sales of pharmaceuticals eased, Bloomberg reports.Non-oil domestic exports rose 1.1 percent from a year earlier, after a revised 7.6 percent gain in May, the island’s trade promotion agency said in a statement today. The median estimate of 16 economists surveyed by Bloomberg News was for an increase of 3.8 percent.
Europe’s debt crisis, slowing U.S. growth and supply-chain disruptions as a result of disasters in Japan have damped demand for Asian goods. Purchasing managers’ indexes and export data released this month showed factory output slowing in Asian economies from China to South Korea, which may reduce the scope for monetary policy tightening as regional growth cools.
“The impact from Japan production seemed to have passed but global uncertainty over Eurozone debt worries, a soft U.S. recovery and record highs in the Singapore dollar is expected to weigh on” export growth, Chester Liaw, an economist at Forecast Pte in Singapore, said before the report.
Electronics shipments by companies such as contract manufacturer Venture Corp. dropped 17.2 percent in June from a year earlier, after declining 15.2 percent the previous month.
Non-electronics shipments, which include petrochemicals and pharmaceuticals, increased 12 percent. Pharmaceutical shipments added 1.1 percent after advancing 61.8 percent in May.
The performance of Singapore’s pharmaceutical industry is volatile as production swings by companies such as Sanofi- Aventis SA can cause industrial output to fluctuate from month to month. Drug companies sometimes shut plants for cleaning before making different products.
Singapore’s non-oil exports fell a seasonally adjusted 4.5 percent last month from May, when they increased a revised 7.4 percent, today’s report showed.
Europe’s debt crisis, slowing U.S. growth and supply-chain disruptions as a result of disasters in Japan have damped demand for Asian goods. Purchasing managers’ indexes and export data released this month showed factory output slowing in Asian economies from China to South Korea, which may reduce the scope for monetary policy tightening as regional growth cools.
“The impact from Japan production seemed to have passed but global uncertainty over Eurozone debt worries, a soft U.S. recovery and record highs in the Singapore dollar is expected to weigh on” export growth, Chester Liaw, an economist at Forecast Pte in Singapore, said before the report.
Electronics shipments by companies such as contract manufacturer Venture Corp. dropped 17.2 percent in June from a year earlier, after declining 15.2 percent the previous month.
Non-electronics shipments, which include petrochemicals and pharmaceuticals, increased 12 percent. Pharmaceutical shipments added 1.1 percent after advancing 61.8 percent in May.
The performance of Singapore’s pharmaceutical industry is volatile as production swings by companies such as Sanofi- Aventis SA can cause industrial output to fluctuate from month to month. Drug companies sometimes shut plants for cleaning before making different products.
Singapore’s non-oil exports fell a seasonally adjusted 4.5 percent last month from May, when they increased a revised 7.4 percent, today’s report showed.