SINGAPORE: Singapore's non-oil domestic exports (NODX) fell by 14.6 per cent in the second quarter of this year, as both shipments of electronic and non-electronic exports declined.
According to the latest figures by the trade agency Enterprise Singapore on Tuesday (Aug 13), this follows the 6.4 per cent decrease in the previous quarter.
Domestic exports for electronic products fell by 26.9 per cent on a year-on-year basis following the 17.2 per cent drop in the previous quarter. Exports for Integrated Circuits (ICs), disk media products and PCs contributed the most to the decrease in electronic NODX.
For non-electronic products, domestic exports fell by 10.5 per cent in the second quarter following a 2.6 per cent decrease in the previous quarter. The largest contributors to the drop in non-electronic NODX were civil engineering equipment parts (-80.9 per cent), non-monetary gold (-32 per cent) and petrochemicals (-15 per cent).
NODX to top markets, except the US, declined in the second quarter of this year, said Enterprise Singapore. The biggest contributors to the NODX decline were China, the European Union and Japan.
"NODX performed weaker-than-expected in Q2 2019 amid the global electronics downcycle, as well as generally sluggish global final demand and trade conditions," said Enterprise Singapore.
It added that global economic and trade growth is expected to further moderate in the year from the expansion in the last two years.
Enterprise Singapore cited the cut on global economic growth forecasts for 2019 by the International Monetary Fund to 3.2 per cent from the previous 3.3 per cent estimate, amid weaker-than-expected industrial production, sluggish trade and weak prospects in part reflecting trade tensions.
Meanwhile, the growth outlook for key trade partners such as China, ASEAN-5, Japan and other advanced economies were adjusted downwards.
The 2019 growth projection for total trade is revised downwards to -3 per cent to -2 per cent for total trade, while NODX is adjusted to -9 per cent to -8 per cent.