Non-oil domestic exports in June fell 10.5 percent to S$12.8 billion from a year ago as shipments of electronics and pharmaceutical products continued to slump, International Enterprise Singapore (IE Singapore) said on Thursday.

The decline was the same as the previous month’s fall, but was worse than what analysts were expecting.

Economists polled by Thomson IFR were expecting a 6.7 percent decline from a year earlier and a 5 percent rise from May on a seasonally-adjusted basis.

Non-oil domestic exports grew 4.2 percent in June compared to May on a seasonally-adjusted basis. In May, exports fell 9.8 percent compared to April on a seasonally-adjusted basis.

Electronics exports fell 14.6 percent in June from a year ago as demand for semiconductor chips, disk drives and consumer electronics products tanked, IE Singapore said.

Pharmaceutical exports fell 22.3 percent in June from a year ago, it added.

The city-state’s exports to its three largest markets — Europe, United States and China — also fell last month.

($1=S$1.34)

Source: http://www.afxnews.com

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