Singapore’s January non-oil domestic exports suffered their largest year-on-year fall since records began in 1977, tumbling a worse-than-expected 35 per cent.

January was also the ninth consecutive month of shrinking exports here. This came on the back of falling demand from all of Singapore’s top 10 markets amid a global economic slowdown.

Compared to the previous year, exports to China fell by 52 per cent in January, while those to the US decreased by 50 per cent.

Electronic products led the overall decline, dropping by 38 per cent on-year after shrinking by 25 per cent in December. Non-electronic product exports fell by 32 per cent.

Compared to December, non-oil domestic exports shrank 21 per cent.

On a month-on-month, seasonally adjusted basis, exports fell by 3.2 per cent in January, compared to December’s 11 per cent slide.

Analysts noted that the decline was worse than that of September 2001, following the terrorist attacks in the US, when exports dropped 30.7 per cent.

Across the region, Asian exports have been on the decline as the global economic downturn depressed demand for goods. Other badly hit countries included Japan, South Korea and Taiwan.

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