Business News
Singapore's export growth slows in September
Oct 18, 2010, 7:34 GMT
Singapore - Singapore's export growth slowed in September, government data released Monday showed, giving further evidence of a weakening global demand.
Non-oil exports, which count for the majority of the city-state's exports, climbed 23 per cent year-on-year in September, after a 31-per-cent annual rise in August, the trade promotion agency International Enterprise Singapore said.
On a month-to-month basis, Singapore's non-oil exports declined by 4.5 per cent in September, in contrast to a 9.8-per-cent gain posted in August from the previous month, it said.
Singapore's export-reliant economy has recorded double-digit growth so far this year and was expected to increase by 13 to 15 per cent over the whole of 2010, the government said earlier.
However, it warned that the growth momentum would slow down in the second half of 2010 due to sluggish demand in Europe and the United States.
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