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SINGAPORE: Singapore's non-oil domestic exports fell by a worse-than-expected 15 per cent in October on-year, led by a sharp decrease in exports to the United States, Malaysia and European markets. This marks the sixth consecutive month of decline.
The volatile pharmaceuticals sector has often been behind major swings in Singapore's non-oil domestic export numbers. But some economists were caught by surprise at the significant drop in pharmaceuticals exports last month.
Vishnu Varathan, regional economist of Forecast, said: "Markets were looking for a single digit contraction, be it high or not so high. What was actually very obvious was that pharmaceuticals contracted.
"In fact, they plunged almost 40 per cent on-year. And this of course was a drag on the overall NODX figures."
Weak global demand for consumer electronics saw Singapore's electronic non-oil exports decline by 15 per cent in October, following an 11 per cent contraction in September. And economists expect the contraction in the electronics sector to continue.
"In recent months, non-oil domestic exports have contracted. The pace of contraction has actually increased, and that reflects the underlying fundamental weakness in external demand," said an economist at DBS Group Research, Irvin Seah.
Non-electronic products also fell by 15 per cent last month. This decline came on the back of a 31 per cent fall in non-oil domestic exports to the US. Exports to European markets declined by 14 per cent, while those to Malaysia fell by 13 per cent.
Going forward, economists said they expect Singapore's exports to remain on the downward trend. And this is likely to put a drag on Singapore's growth this year.
- CNA/yt
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