Singapore's exports stumble in October

Exports excluding oil fell a seasonally adjusted 12.6 percent from September, the biggest monthly drop since 2002, after rising slightly the previous two months, according to Trade and Industry Ministry figures released Tuesday.

Compared to the same month of 2008, exports fell 6.1 percent in October to 12.5 billion Singapore dollars ($9.0 billion) following a 7.3 percent drop in September.

"It is beginning to look as though not everything in Singapore's garden is rosy right now," said Robert Prior-Wandesforde, senior Asia economist for HSBC in Singapore. "It will most likely prove a pause for breath ... but clearly the situation needs watching closely."

Singapore emerged from recession last quarter as gross domestic product grew an annualized seasonally adjusted 15 percent. The government expects the economy to contract up to 2.5 percent this year after growing 1.1 percent last year.

Non-oil exports were equal to about 60 percent of gross domestic product last year.

Electronic products — which account for 37 percent of non-oil exports — fell 14 percent from a year earlier while petrochemicals dropped 17 percent. Pharmaceuticals rose 25 percent in October after rising 18 percent the previous month, the ministry said.

Oil exports, which account for 30 percent of total exports, fell 21 percent in October.

Non-oil exports to Europe fell 22 percent, dropped 11 percent to the U.S. and slid 6.5 percent to China.

Non-oil imports fell 14 percent in October from a year earlier, after dropping 17 percent in September, the ministry said.

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