Singapore: Singapore’s key exports in January fell by the largest amount on record, the government said Tuesday, releasing data showing further evidence of the city-state’s deepening recession.
Non-oil domestic exports (NODX) fell by 34.8% in January compared with the same month a year earlier, said International Enterprise Singapore, the government’s trade promotion agency.
It is the biggest fall since the government began year-on-year comparisons in 1977 and exceeds the previous record of a 30.7% drop in September, 2001, after Al-Qaeda’s attacks on the United States.
January’s decline was the ninth consecutive contraction and was almost in line with the 34.5 percent median forecast in a poll of economists by Dow Jones Newswires.
The decline last month exceeded the 20.8% year-on-year fall recorded in December, the data showed.
Shipments to all 10 key markets were lower in January, with exports to the major United States market falling 50%, the agency said.
The city-state is Southeast Asia’s wealthiest economy in terms of gross domestic product per capita but its heavy dependence on trade makes it sensitive to economic disturbances in developed nations, whose economies are suffering in the world’s worst economic crisis since the Great Depression of the 1930s.
Singapore in October became the first Asian economy to enter recession.