Singapore's exports down 8.1% in September in 7th straight month of decline

Singapore's exports down 8.1% in September in 7th straight month of decline

Singapore's exports shrank for the seventh straight month in September, hurt largely by a sharp fall in electronic shipments, official data showed on Thursday (Oct 17). Michelle Teo with more.

SINGAPORE: Singapore's exports shrank for the seventh straight month in September, hurt largely by a sharp fall in electronic shipments, official data showed on Thursday (Oct 17).

Non-oil domestic exports declined by 8.1 per cent year-on-year, following a revised 9 per cent decline in August, data from trade agency Enterprise Singapore showed. 

On a seasonally adjusted basis, exports dropped 3.3 per cent month-on-month in September following August's increase of 6.7 per cent. 

READ: Singapore economy grows 0.1% in Q3, avoids technical recession

Electronic exports fell 24.8 per cent year-on-year in September, on the back of the 25.9 per cent contraction in the previous month.

Integrated circuits, PCs and disk media products contracted by 30.2 per cent, 33.1 per cent and 12.2 per cent respectively, contributing the most to the decline in electronic shipments.

Non-electronic exports declined by 2.3 per cent in September year-on-year. The previous month registered a similar decline. 

Pharmaceuticals (-26.7 per cent), petrochemicals (-10.6 per cent) and jewellery (-52.0 per cent) contributed the most to the decline in non-electronic exports.

READ: MAS reduces pace of appreciation for Singdollar 'slightly' amid slow growth

READ: The S$NEER and its slope, width and centre: Questions about Singapore’s monetary policy

Total trade decreased by 4.9 per cent year-on-year in September following an 8.6 per cent decline in August. 

Overall, Singapore's exports to most of its top markets dropped in September. The largest contributors to the decline were the EU (-17.3 per cent), the US (-10.9 per cent) and Japan (-19.2 per cent).

Source: CNA/ad(cy)

Bookmark