Exports industry struggle amidst last month’s 6% expansion

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Exports industry struggle amidst last month’s 6% expansion

Singapore Business2021-08-19

The decline in electronics is seen as one of the culprits. Despite a 6% expansion in June, the exports industry showed signs of decline this month. Moody’s Analytics points to the global ...

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WYYAP
·2021-08-19
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There is demand, but still supply is yet to grow as well. It is because of this that electronics face a decline.\nAdditional disruptions include the rise of COVID-19 cases in Asia. Lockdowns and tighter travel mean the closing of factories and delayed shipments. China’s zero-tolerance approach towards new infections also increases the number of movement controls that are done in response to the pandemic.\nNon-oil domestic exports also faced a lower growth at 12.7% year-on-year, compared to 19 June.\nHowever, Singapore continues to show improvement in Purchasing Managers' Index data with a slight uptick from 50.8% in June to 51 in July. 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