Bad times ahead for Singapore exporters

8 Oct The global economic slowdown has already taken its toll on Singapore's non-oil domestic exports (NODX). NODX dropped 14% in August from a year ago; the fourth straight monthly drop. Analysts said weaker demand for Singapore's products from the US and Europe is the main cause for the plunge. The US is likely to head for a technical recession while Europe will experience a period of stagflation. These developments do not augur well for Singapore's NODX in the coming months. Except for Indonesia, Singapore's NODX to its 10 major markets tumbled in August. The top contributors to the NODX decline were the EU, the US and Malaysia. The NODX's poor showing last month reflected the contraction in both electronic and non-electronic shipments. Domestic exports of electronic goods, which have been falling since February 2007, plunged 19% - against a 14% decline in July.