The Liberal Party leader had represented the sector since 2012. He was upset by Sunny Tan of the Federation of Industries by 172 votes to 82.
Chung said he was surprised by the margin, but around 2,000 exporters who supported him were no longer considered voters under the new system, contributing to his loss.
“For the defeat, it’s really because the structure has been changed [in] my constituency, so I just respect the result and hopefully I can serve the society in a different way,” he said.
Chung said he feels sorry for the party and his supporters.
“Certainly I will continue to be a member of the Liberal Party. [But] because I am not a legislator, I won’t be in the frontline anymore.”