Singapore's electronics exports in May posted their sharpest contraction since 2009, dragged down by the US-China trade conflict, the fading of the semiconductor cycle and weakening external demand.SINGAPORE'S electronics exports in May posted their sharpest contraction since 2009, dragged down by the US-China trade conflict, the fading of the semiconductor cycle and weakening external demand.
Electronics plummeted 31.4 per cent in May, following a 16.3 per cent fall in the previous month. Integrated circuits , disk media products and parts of ICs contributed the most to the drop. They noted that US export controls on tech goods to China, including Huawei, will worsen disruption to supply chains.
Non-electronics exports also weighed on NODX in May, marking its third straight month of contraction. With the release of the latest NODX figures, several economists lowered their export forecasts for the year against the backdrop of a deteriorating external environment.