Singapore's EU-bound shipments sank by a disappointing 16.2%

After the equally depressing 52.2% drop.

According to Maybank Kim Eng, shipments to recession hit EU continued to weigh down heavily on overall NODX growth as it slumped further by -16.2% YoY following the -52.2% YoY in Feb 2013 on declines in pharmaceuticals, IC’s and diodes & transistors.

Maybank also said that exports to Malaysia (Mar 2013: -21.3% YoY; Feb 2013: -25.6% YoY) were the second largest drag, mainly on lower sales of electronics-related products.

"This was followed by the US (Mar 2013: -10.8% YoY; Feb 2013: -52.1% YoY), Hong Kong (Mar 2013: -8.5% YoY; Feb 2013: -29.7% YoY) and South Korea (Mar 2013: -13.3% YoY; Feb 2013: -23.6% YoY). Bucking the trend were exports to Japan and China which gained by +2.9% YoY (Feb 2013: -20.5% YoY) and +1.1%
YoY (Feb 2013: -11.0% YoY)," Maybank said.

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