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Singapore non-oil exports slide more than expected in Feb

Published 03/18/2024, 08:44 AM
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Investing.com-- Singapore’s key non-oil exports fell more than expected in February, as a new-year boost in demand now appeared to be running out of steam, while strong figures for January were also revised lower.

Non-oil exports fell 0.1% year-on-year in February, data from the Department of Statistics showed on Monday. The reading was much weaker than expectations for an increase of 4.7%. 

January’s jump of 16.8% was also revised lower to 16.7%. 

Month-on-month, non-oil exports slid 4.8%, more than expectations for a drop of 0.4%, while January’s growth was also trimmed slightly to 2.2%. 

Monday’s data showed that a new-year boost to demand for Sinaporean exports now appeared to be running out of steam, especially in top market China. The Lunar New Year holiday also appeared to have done little to support demand. 

The data signals continued headwinds for the Singaporean economy, which is largely reliant on exports.

Integrated circuits and industrial machinery are Singapore’s top exports- demand for which slowed substantially over the past year as rising interest rates dented capital spending.

Weakness in China’s economy also provided little support to demand for Singaporean exports, as the world’s no.2 economy struggles to shore up growth amid persistent deflation and muted business activity.

The Singapore dollar fell 0.1% after Monday's reading.

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