Singapore's exports fell 5.9% year-on-year in February

Singapore's exports fell 5.9% year-on-year in February

Singapore port shipping containers economy
A general view of ships docked at Tanjong Pagar container port in Singapore. (File photo: AFP/Roslan Rahman)

SINGAPORE: Non-oil domestic exports (NODX) in Singapore declined by 5.9 per cent over the year in February, according to statistics released by trade agency International Enterprise (IE) Singapore on Friday (Mar 16).

This was lower than the 4.4 per cent increase predicted by economists in a Reuters poll.

Exports in February showed the biggest on-year decline since October 2016, when exports fell 14.0 per cent, Reuters data shows.

This follows the 12.9 per cent expansion in the previous month and the large part of 2017. 

The fall was due to the decline in both electronic and non-electronic exports.

Electronic exports, on a year-on-year basis, declined by 12.3 per cent in February 2018, following the 3.9 per cent decrease in the previous month.

On a month-on-month seasonally adjusted basis, NODX decreased by 2.6 per cent in February 2018, after the previous month’s 0.4 per cent decline, due to the decrease in non-electronic exports which outweighed the growth in electronic exports, said IE Singapore. 

On a year-on-year basis, non-electronic exports decreased by 3.4 per cent in February 2018, after the 20.7 per cent expansion in January.

Oil domestic exports grew by 5.1 per cent in February 2018, following the 15.4 per cent expansion in the preceding month.

In terms of non-oil re-exports, NORX registered a flat performance in February 2018, after the 5.0 per cent increase in January 2018, due to the higher shipment of non-electronic re-exports which outweighed the decrease in electronics.

On a year-on-year basis, total trade increased by 1.7 per cent in February 2018, with growth mainly due to imports while exports declined slightly. This follows the 7.1 per cent growth in the preceding month.

Overall, NODX to majority of the top markets decreased in February 2018, except the US, Japan and South Korea. This decline was led by China, the EU 28 and Taiwan.

Source: CNA/aa