Soft recovery for Singapore’s electronic exports

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Singapore’s non-oil domestic exports rebounded in February, climbing by a better-than-expected 9.1 per cent on a year-on-year basis.

This was led by non-electronic exports which rose by 15.4 per cent with exports of chemicals rising 49.3 per cent year-on-year and pharmaceuticals gained 21.8 per cent.

However, electronics exports remained weak – contracting by 3.7 per cent year-on-year on top of the 17 per cent decline in the previous month.

Looking ahead, economists said recovery in the electronics sector will lag behind those of Singapore’s North Asian neighbours.

Leong Wai Ho, senior regional economist at Barclays, said: “A big catalyst for electronics is the launch of popular smartphone brands. Samsung is launching its Galaxy S5 worldwide in the second quarter and I think that could trigger Apple to do the same later in the year. You could see a resurgence of the smartphone value chain.”

He added: “Unfortunately, Singapore is not well-plugged into that space. We’re more plugged into the global IT or PC segment of the electronics value chain. Until we see Fortune 500 companies in the US raising their IT capital budgets, we will not see a bounce in Singapore’s electronics exports in a meaningful sense.”

Source : Channel News Asia | March 17, 2014

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About thomasdinnocenzi

Thomas D’Innocenzi is a highly accomplished, results-focused international consultant with extensive experience in global sourcing and business development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global marketing and sourcing operations. He has extensive experience in international business development to accommodate rapid growth. Skilled in building top-performing teams, bench-marking performance, and developing organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. Tom founded Nova Advisors with the mission of providing expert Global Business Development consulting services for companies seeking to expand their market share as an independent consultant. Tom has a network of experts and advisors throughout the Asia-Pacific region and North America. His expertise includes business development, global sourcing, manufacturing, commodities, logistics, QA/QC, FDA, regulatory compliance, sustainability, and supply chain optimization. Tom is experienced in the medical device, apparel, consumer goods and technology services verticals helping companies advance their global sourcing capabilities and develop new markets through a local and sustained approach. Located in SE Asia and the United States, Tom expands market reach to drive sales. His global sourcing strategy includes directly negotiating with commodity suppliers, supply chain networks and distributors for optimal terms based on his expertise and first-hand knowledge of the players. Contact Tom to use his consulting service to increase your global market and make global sourcing profitable for you in the Asia Pacific Region and the United States. http://www.NovaAdvisors.com thomas@NovaAdvisors.com USA Direct: +1.904.479.3600 SINGAPORE: +65.6818.6396 THAILAND: +662.207.9269
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