SINGAPORE: Singapore's non-oil domestic exports (NODX) fell by 9.6 per cent in the third quarter of this year after the 14.7 per cent drop in the previous quarter, official data by Enterprise Singapore showed on Thursday (Nov 21).
Singapore’s total merchandise trade declined by 6.7 per cent on a year-on-year basis in the third quarter, following the 2.2 per cent decrease in the previous quarter, due to the decline in both oil and non-oil trade.
Domestic exports of electronic products contracted by 25.0 per cent in the third quarter, following the 27.0 per cent decline in the preceding quarter.
Integrated circuits (ICs), PCs and disk media products declined by 29.0 per cent, 32.8 per cent and 16.8 per cent respectively, and they contributed the most to the decrease in electronic NODX.
Domestic exports of non-electronic products declined by 3.9 per cent over the year in the third quarter, following the 10.6 per cent decrease in the second quarter.
The largest contributors to the decline in non-electronic NODX were pharmaceuticals (-27.7 per cent), petrochemicals (-13.9 per cent) and primary chemicals (-27.6 per cent).
The trade agency reported that exports to all top markets, except China, decreased, with notable falls recorded in Japan (-32.6 per cent), Hong Kong (-22.9 per cent) and Malaysia (-18.4 per cent).
Enterprise Singapore said the 2019 exports forecast has been revised downwards to between -10.0 per cent and -9.5 per cent, amid bleak outlook in the trade and economic growth of key trade partners.
Separately, the Ministry of Trade and Industry on Thursday revised Singapore's annual forecast for economic growth to between 0.5 per cent to 1 per cent as official data showed the economy picking up pace slightly in the third quarter.
The economy grew 0.5 per cent year on year in the third quarter, slightly higher from the previous quarter’s revised 0.2 per cent and an earlier official forecast of 0.1 per cent.