Growth in Singapore’s export sector slowed more than expected in December from a year earlier due to a fall in electronics trade and the first decline in shipments to China in more than a year.
The electronic exports of Singapore contracted 5.3 per cent by December, while the exports to China contracted 6.0 per cent, the first on-year fall in shipments since October 2016.
Singapore non-oil domestic exports rose 3.1 per cent in December year-on-year, data from the trade agency International Enterprise Singapore showed, reports Reuters.
On a seasonally adjusted month-on-month basis, exports contracted 5.0 per cent in the previous month after growing a revised 8.6 per cent in November.
The exports boom has benefited Singapore and other trade-dependent Asian economies, particularly for makers of electronics products and components such as semiconductors.
Singapore exports managed to sustain growth in December thanks to improvements in non-electronics sectors, particularly pharmaceuticals, which grew 7.0 per cent from the year before.
The economic growth of the country slowed in the fourth quarter as factories lost steam, but a services sector recovery has bolstered expectations the central bank could tighten monetary policy as early as April.