Bleak trade numbers in October as Singapore's exports plunge 12.3%

SINGAPORE: Singapore's trade numbers remained bleak in October as its exports declined for the eighth straight month, according to official data released on Monday (Nov 18).

Non-oil domestic exports plunged 12.3 per cent last month, compared with a drop of 8.1 per cent in September, data from Enterprise Singapore showed.

A Reuters poll had forecast shipments to fall by 10.4 per cent.

The fall was mainly due to the "high base" in non-electronic exports a year ago, the trade agency said.

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On a seasonally adjusted month-on-month basis, exports declined 2.9 per cent following September's 3.3 per cent fall. The poll had predicted an increase of 1.4 per cent.

Shipments of electronics continued to slide, falling 16.4 per cent year-on-year on the back of a 24.8 per cent contraction in the previous month. Among the biggest contributors to the decline were ICs (17.2 per cent), PCs (31.3 per cent) and telecommunications equipment (15.7 per cent).

Non-electronic exports fell 11 per cent following a 2.3 per cent decline in September. Pharmaceuticals (36 per cent), petrochemicals (19.2 per cent) and primary chemicals (47.3 per cent) contributed the most to the decline.

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Singapore's exports to the majority of its top markets, except Taiwan, dropped in October. The top contributors to the decline were Japan (39.5 per cent), Indonesia (15.5 per cent) and the EU (13.2 per cent).

Total trade decreased 9.7 per cent, as imports fell by 10.3 per cent and exports declined by 9.2 per cent.