Singapore exports to Europe dropped by 13.4%

No thanks to lower pharmaceuticals shipments.

According to Maybank Kim Eng, EU, South Korea and Malaysia were the major disappointments. Goods headed for the EU registered its fifth straight declines as it fell by -13.4% YoY (Mar 2013: -16.2% YoY) mainly on lower shipments of pharmaceuticals, IC’s and parts of PC’s.

It reported that exports to South Korea (Apr 2013: -27.1% YoY; Mar 2013: -13.3% YoY) was similarly in a negative trend as it fell for the eight consecutive month while shipments to neighboring Malaysia (Apr 2013: -13.7% YoY; Mar 2013: -21.3% YoY) was down by double digits for the third consecutive month.

"On the bright side was the recovery in NODX growth to the US (Apr 2013: +4.6% YoY Mar 2013: -10.8% YoY), Thailand (Apr 2013: +2.1% YoY Mar 2013: -9.8% YoY) and Hong Kong (Apr 2013: +0.7% YoY Mar 2013: -8.5% YoY) following months of negative growth," Maybank Kim Eng said.