The Associated Press, 17 Nov 2008, Alex Kennedy
SINGAPORE (AP) — Singapore's non-oil exports fell for a sixth month in October, a sign the city-state's economy will likely contract for a third consecutive quarter.
Exports in October fell 15 percent to 13.4 billion Singapore dollars ($8.8 billion) from a year earlier as consumer demand from Europe and the U.S. plunged, according to Ministry of Trade and Industry figures released Monday. Exports fell 7.4 percent in October from the previous month.
"The underlying weakening momentum in exports seems to have intensified," Kit Wei Zheng, an analyst with Citigroup Inc., said in a report. "We maintain our view that the global slowdown will continue to drag the Singapore economy into a recession in the next 6-12 months."
The drop in exports was led by non-electronic goods, which decreased 16 percent in October on the back of a 39 percent drop in pharmaceuticals. Electronic goods_such as disk drives, chips and telecommunications equipment_fell 15 percent.
Exports fell 5.7 percent in September and 14 percent in August from a year earlier.
Exports to Europe fell 14 percent last month while sales to the U.S. cratered 31 percent.
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