Business News
Singapore's export growth slows in July
Aug 17, 2010, 7:09 GMT
Singapore - Singapore's exports cooled in July due to weaker global demand, government data released Tuesday showed, indicating a slower growth for the city-state's economy in the second half of the year.
Non-oil exports, which count for the majority of Singapore's exports, climbed 18 per cent year-on-year in July, following a 28-per-cent annual rise in June, the trade promotion agency International Enterprise Singapore said.
The city-state's total trade in July reached 76 billion Singapore dollars (56 billion US dollars), up 19 per cent from a year earlier, after a 27-per-cent increase in the previous month, the agency said.
Spurred by higher production and exports, Singapore's economy showed double-digit growth in the first half of the year and was expected to increase by 13 to 15 per cent over the whole of 2010, the government said earlier.
But it warned that the growth momentum would slow down in the latter half of the year due to sluggish demand in Europe and the United States.
In July, non-oil exports to Europe, Singapore's biggest trading partner, slowed significantly, increasing 26 per cent year-on-year after a 75-per-cent annual surge in June.
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