Singapore's exports grow at slower pace of 3.1% in September
SINGAPORE: Singapore’s non-oil domestic exports (NODX) rose by 3.1 per cent in September, a slower growth from the 11.4 per cent increase in the previous month.
Non-electronics exports went up, while electronics decreased from a high base a year ago, official data released by Enterprise Singapore (ESG) on Monday (Oct 17).
Exports to the top 10 markets as a whole declined in September, mainly due to China and Hong Kong. However, exports to the topmost markets – including the US, Indonesia and Thailand – rose.
On a month-on-month seasonally adjusted basis, NODX decreased by 4 per cent, compared with the previous month’s 3.9 per cent decline. Both electronics and non-electronics declined.
The level of NODX reached S$16.5 billion in September, on a seasonally adjusted basis. This was lower than August’s S$17.1 billion, though this was higher than levels a year ago.
NODX rose over the year, mainly due to non-electronics, while electronics declined.
On a year-on-year basis, electronics NODX declined by a faster rate of 10.6 per cent in September, following a 4.5 per cent decline in the previous month.
Integrated circuits, disk media products and personal computer parts declined by 12 per cent, 42.7 per cent and 22.3 per cent respectively, contributing the most to the decline in electronics NODX.
Pharmaceuticals, measuring instruments and non-monetary gold contributed the most to the growth in non-electronic NODX.
Exports to the top 10 markets as a whole declined in September, after seeing growth in the previous month, with China and Hong Kong being the largest contributors.
NODX to China plunged 33.8 per cent, a steeper rate than the 18.2 per cent decrease in August, due to non-monetary gold, petrochemicals and integrated circuits.
Meanwhile, exports to Hong Kong saw a slower decline of 16.7 per cent, after the 31 per cent decline in the preceding month. This is due to integrated circuits, disk media products and electrical circuit apparatus.
September saw a slower rate of total trade, which grew 20.7 per cent as compared with the 26 per cent expansion in August. Total exports rose by 20.1 per cent, while total imports grew by 21.4 per cent.
