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To: FJB who wrote (40986)	11/20/1998 2:24:00 AM
From: william j cap	Read Replies (1) \| Respond to of 53903

Top News Fri, 20 Nov 1998, 2:17am EST Singapore-Made Oct. Exports Fall 4.8% on Weak U.S. Demand for Electronics Singapore-Made Oct. Exports Fall 4.8% on Weak U.S. Demand Singapore, Nov. 20 (Bloomberg) -- Singapore-made exports, closely watched for the island state's economic health, fell a disappointing 4.8 percent in October from a year ago as weak electronics demand from the U.S. compounded falling orders from recession-torn Asia. ''The U.S. has started to weaken. The three remaining markets, Malaysia, Japan and Hong Kong, remain in the doldrums,'' the Trade Development Board said in a statement. ''The weakness in prices of electronic products and over-capacity conditions took its toll on domestic exports of printed circuit boards, PCs and printers.'' Non-oil exports fell to S$8 billion (US$ 4.87 billion) from a year ago. This was worse than the 0.5 percent decline forecast by a Bloomberg poll of nine economists. Electronics exports, which account for three-quarters of Singapore-made goods, fell 6.2 percent, while total imports - an indicator of future exports plunged 23 percent to S$13.6 billion. The figures are not adjusted for inflation. With the export-driven island state sinking into its first recession in 13 years in the July-September quarter, rising sales of Singapore-made goods are crucial to any recovery. Singapore's trade is more than three times its gross domestic product. Typically, non-oil exports enjoy a strong pickup at year-end as Europe and U.S step up their orders for electronic products in anticipation of the Christmas sales. Exports of Singapore-made goods unexpectedly rose in the last two months, led by stronger European orders. Still, most economists suggest that these are one-off orders and would rather look for signs of a recovery in Singapore's Christmas orders. Electronic exports Singapore electronic exports are seen as an indicator for the health of the manufacturing sector, which accounts for one- quarter of the economy. Slumping demand has forced companies such as Adaptec Inc. and Motorola Inc. to sack workers. In October, exports of hard disks rose 12.5 percent to S$1.7 billion. Seagate Technology Inc., the world's largest disk drive maker and Singapore's largest industrial employer, said last month that its Singapore-made high-end drives are selling well. It declined to be specific. Still, that good news hasn't spilled over to the other electronic exports. Semiconductor exports fell 8.9 percent to S$969 million billion, while circuit board assembly exports fell 18.7 percent to S$985 million. Total exports, including oil products, fell 9 percent to S$15.4 billion. Shell Singapore Pte., a unit of the Royal Dutch/Shell Group raised output by 32 percent in October, in anticipation of a seasonal rise in demand. Total trade, which includes exports, re-exports and imports, fell for a seventh month, shrinking 16 percent to S$29 billion. Singapore serves as an entreport in Asia -- which accounts for 40 percent of Singapore's trade -- where goods are shipped through its port. With most of Singapore's neighbors, such as Malaysia and Indonesia, grappling with recession and a credit crunch, few ships have been calling at the island state's port. For the first three quarters, total trade shrank 4.5 percent to S$267.84 billion. The trade board has forecast a full-year decline of between 4.5 percent and 5.5 percent, reversing an earlier prediction of trade growth, as Asia's economic slowdown deepens. © Copyright 1998, Bloomberg L.P. All Rights Reserved.