SINGAPORE – Singapore's exports to the US fell 44.4% year-over-year in February, pulling the nation's shipments down 24%.
Weak demand for electronics was among the reasons cited for the drop. Electronics exports dropped 31.9% to S$3.5 billion.
Shipments to the country's 10 top trading partners were down, except China. Sales to US customers dropped to US$673 million, but the percentage drop actually climbed slightly from a 50% plunge in January. Shipments to the European Union fell 36.7%, and sales to Japan dropped 38.9%.
HELSINKI – Nokia said it would cut up to 1,700 jobs, or about 1.3% of the company’s work force, in response to sluggish demand and the poor outlook for near-term recovery.
The company said the cuts will come in its device and media segments, plus corporate development and global support.
Cellphone sales were down 5% to 315 million cellphones in the fourth quarter, Gartner reported, and grew 2% sequentially despite the holiday buying season.