(Adds detail, analyst comment)
* Sept exports +0.9 pct y/y vs +2.6 pct forecast
* Sept exports -8.8 pct m/m s/adj vs -4.0 pct forecast
* EU exports contract, U.S. shipments slow
SINGAPORE, Oct 17 Singapore's exports in
September rose less than expected as sales to Europe contracted
and shipments to the United States slowed, adding to concerns
that a sluggish global economy may bite into the city-state's
Non-oil domestic exports (NODX) grew 0.9 percent in
September from a year earlier, trade agency International
Enterprise Singapore said in a statement on Friday. That
compared with a 2.6 percent growth forecast in a Reuters poll,
and a 6.0 percent increase in August.
On a month-on-month seasonally adjusted basis, NODX dropped
8.8 percent, much weaker than the 4.0 percent decline forecast
in the poll.
Exports to the European Union declined 3.6 percent in
September, compared with a 7.0 percent rise the previous month.
"That's going to continue because we know that the situation
over in Europe, in terms of economic growth, has no upside at
all in sight," said Francis Tan, an economist for United
Overseas Bank, referring to exports to European Union.
Growth in NODX to the United States slowed with a 1.1
percent rise in September from a year earlier, compared to 5.1
percent growth in August.
The U.S. economy showed some signs of losing momentum with a
decline in retail sales and producer prices down. That came amid
fears of a possible recession in Europe and a slowdown in China.
Electronics exports in September decreased 4.0 percent from
a year earlier after easing 6.9 percent in the previous month.
The sector is a key driver of Singapore's exports, but it
has been lagging regional competitors such as South Korea and
Taiwan because of stiff competition and a lack of popular
high-tech products including smartphones.
NODX of pharmaceuticals rose 8.1 percent from a year ago,
while petrochemicals shipments gained 16.5 percent.
The city-state's economy grew 1.2 percent in the third
quarter from the previous three months on an annualised and
seasonally adjusted basis, below a market forecast of 1.8
The central bank stuck to its tighter monetary policy as
expected on Tuesday, while it lowered its forecasts for headline
and core inflation this year.
(Reporting by Jongwoo Cheon and Aradhana Aravindan; Editing by