Singapore's non-oil exports fall 3.1% in October, reversing growth from previous month

Singapore's non-oil exports fall 3.1% in October, reversing growth from previous month

Singapore's October non-oil domestic exports (NODX) fell by 3.1 per cent year-on-year, missing forecasts by a significant margin, official data from Enterprise Singapore showed on Tuesday (Nov 17). Chloe Choo reports.

SINGAPORE: Singapore's October non-oil domestic exports (NODX) fell by 3.1 per cent year-on-year, missing forecasts by a significant margin, official data from Enterprise Singapore showed on Tuesday (Nov 17).

A Reuters poll of economists had predicted a 5.7 per cent increase for October. September's figure came in at a slightly revised 5.8 per cent increase.

October's contraction marks the first decline after four straight months of growth. 

On a seasonally adjusted month-on-month basis, exports fell by 5.3 per cent in October, following the previous month's 11.4 per cent contraction.

Total trade fell by 9 per cent in October on a year-on-year basis, following the 1.9 per cent decrease in the preceding month. This is mainly due to a continuing decrease in oil trade amid lower oil prices compared to a year ago.

Total exports fell by 8.6 per cent in October, after September's 2.1 per cent decline. Total imports also contracted by 9.3 per cent in October, after the 1.6 per cent decrease in September.

On a month-on-month seasonally adjusted basis, total trade fell by 3.1 per cent in October, after the 0.1 per cent growth in the previous month.

Total exports fell by 1.6 per cent while total imports decreased by 5.2 per cent.

DECLINE IN ELECTRONICS AND NON-ELECTRONICS NODX

Shipment of electronics fell by 0.4 per cent in October, after the 21.4 per cent expansion in September. Integrated circuits, other computer peripherals and parts of personal computers contributed most to the decline, falling 12.8 per cent, 6.9 per cent and 1 per cent respectively.

Non-electronic shipments fell 3.9 per cent in October, after the 1.7 per cent growth in September. The decline in exports of non-monetary gold, decreasing 61 per cent, was a major contributor, as were petrochemicals (-15.3 per cent) and miscellaneous manufactured articles (-37.3 per cent).

Exports to the top 10 markets as a whole declined in October, although exports to the US, China, Japan and the European Union grew.

Hong Kong, Malaysia and Thailand were the largest contributors to the decline in exports, according to official data.

Exports to Hong Kong fell by 21 per cent in October, following September's contraction of 26.7 per cent. This was led by non-monetary gold (-83.5 per cent), integrated circuits (-4.4 per cent) and electrical machinery (-36.6 per cent).

Shipments to Malaysia fell by 7.8 per cent in October, after the 28.8 per cent increase in the previous month, mainly due to Integrated circuits (-26.5 per cent), petrochemicals (-25 per cent) and civil engineering equipment parts (52.8 per cent).

Similarly, exports to Thailand fell 12.2 per cent in October, following the 15.7 per cent decrease in September. This is mainly due to non-monetary gold (-36.4 per cent), Integrated circuits (-39.1 per cent) and personal beauty products (-94.9 per cent).

Source: CNA/lk

Bookmark