b'Market UpdatesInternational FTK Growth (Yearly) USs Top 5 Growing/Declining Air Cargo Import Partner FTK() Countries in 20192019 201820195/Industry 3.9% Partner Country Change: Top/Bottom 3.6% Absolute change in Tons and YoY % growth Africa 7.7% 0.1% Vietnam16%Europe1.7% Taiwan13% 3.2% Colombia4%L. America2.4% Argentina44% 7.4%United Kingdom3%N. America2.9% Brazil-13% 7.9%Middle East4.8% Peru-18% 4.6% Japan-13%Asia Pacific6.4% Germany-13% 1.4% China-12%-8% -6% -4% -2% 0% 2% 4% 6% 8% 10% -180K -120K -60K 0K 60KInternational freight tonne kilometres (calendar years, % year-on-year)(%)Source: IATA Economics, IATA Monthly Statistics : Singapores Trade and Airfreight Performance For the whole of 2019, the Singapore economy expanded by20190.7%2018only 0.7%, slower than the 3.4% growth recorded in 2018.3.4%1.4%20187.0%The manufacturing sector contracted by 1.4%, a reversalfrom the 7.0% growth in 2018. The sector was weigheddownbyoutputdeclinesintheelectronics,chemicals,precision engineering and transport engineering clusters, which more than offset output expansion in biomedical and2019152general manufacturing clusters.5On the other hand, Singapore had surpassed expectations2019in 2019 to attract S$15.2 billion in fixed asset investments 5 ,(NODX)9.2% 6whichwereproppedupbycommitmentsfromsemiconductorindustry.Semiconductormanufacturershad also expressed optimism in the longer-term outlook.20192.4%12Duringtheyear,Singaporerecordeditsworstexport showing since the global financial crisis, as non-oil domestic2019exports (NODX) fell by 9.2% year on year 6 . The decline can be1%20196.5%attributed to electronic exports amid the global electronics201downcycle; while non-electronics domestic export decline2019wasdrivenbypharmaceuticalsandpetrochemicals.NODX to the top markets, except the US, declined in 2019. Singapores December trade performance showed somesigns of recovery as non-oil exports grew by 2.4% year-on- 2018year.Amidtheweakglobaltradeclimatethroughout2019, Changis air cargo throughput declined by 6.5% year-on-year in 2019 to 2.01 million tonnes, following a 1% growth intheprecedingyear.Majoraircargohubs,similarly, registered declines in their air cargo throughput. By end 2019, Singapore remained the 8th largest global air hub by international freight, ahead of Anchorage and Paris. Changisawcontractionacrossimports,exportsand transshipments cargo flows. While most regions recorded5Source: Singapore Economic Development Boardweaker performance visvis 2018, Middle East and Africas: demonstrated growth. Japan, Australia, US and Hong Kong6 Source: Enterprise Singapore sawsharpestdeclineinabsoluteaircargovolumesby : markets. Changi Cargo Insight 5'