Singapore's exports fall 4.9% in November

Singapore's exports fall 4.9% in November

FILE PHOTO: A ship docks at Keppel terminal in Singapore
View of the Singapore skyline on Nov 17, 2020. (Photo: Reuters/Edgar Su)

SINGAPORE: Singapore’s non-oil domestic exports (NODX) fell by 4.9 per cent year-on-year in November, official data from Enterprise Singapore showed on Thursday (Dec 17). 

The decline, which comes after a 3.1 per cent decrease in October, was mainly due to non-electronics such as petrochemicals, pharmaceuticals and non-monetary gold, followed by electronics.

On a seasonally adjusted month-on-month basis, exports rose by 3.8 per cent in November, after the previous month’s 5.4 per cent decline. Both electronic and non-electronic domestic exports grew.

Total trade fell by 8.7 per cent in November on a year-on-year basis, following the 9 per cent decrease in the preceding month. This was mainly due to oil trade, which continued to decrease amid lower oil prices as compared to a year ago, following the contraction in October.

Total exports decreased by 8 per cent in November, after October’s 8.7 per cent decline. Total imports also contracted by 9.4 per cent in November, following the 9.3 per cent decrease in October.

On a month-on-month seasonally adjusted basis, total trade grew by 3.7 per cent in November, after the 3.4 per cent decline the previous month.

Total exports also grew 3 per cent in November after a 1.6 per cent decrease in October, while total imports rose by 4.5 per cent after a 5.2 per cent decline.

DECLINE IN ELECTRONIC PRODUCT SHIPMENTS

Shipments of electronic products fell 3.8 per cent year-on-year in November, following the 0.5 per cent decline the previous month. Integrated circuits, disk media products and personal computer parts contributed most to the decline, falling 7.9 per cent, 9.7 per cent and 12.1 per cent respectively.

Non-electronic shipments fell 5.2 per cent in November, after the 4 per cent decline in October. The decline in exports of petrochemicals, decreasing 18.5 per cent, was a major contributor, followed by pharmaceuticals (-13.4 per cent) and non-monetary gold (-15.1 per cent).

Exports to the top markets as a whole declined in November, although exports to United States, Japan, Taiwan, Malaysia, Thailand and Hong Kong grew.

China, the European Union and Indonesia were the largest contributors to the decline in exports, official data showed.

Shipments to China fell by 18.4 per cent, after the previous month’s 5 per cent growth. This was led by non-monetary gold (-98.2 per cent), petrochemicals (-25.5 per cent) and integrated circuits (-17.9 per cent).

Exports to the EU contracted 24.6 per cent following the 0.8 per cent increase in October. This was led by pharmaceuticals (-50.2 per cent), food preparations (-96.3 per cent) and electrical machinery (-53.0 per cent).

Shipments to Indonesia also contracted by 10.9 per cent in November, following the 10.7 per cent decline the preceding month. This was due to petrochemicals (-31.6 per cent), other specialty chemicals (-45.2 per cent) and non-electric engines and motors (-99.3 per cent).

Source: CNA/zl

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