Non-oil domestic exports fell by 13.2% in September from the same month a year ago, following a revised 22.5% contraction in August, data from trade agency Enterprise Singapore showed. — Reuters
SINGAPORE: The city-state’s key exports extended the 12th straight month of declines in September, but by a smaller percentage than in August.
Non-oil domestic exports (Nodx) fell by 13.2% in September from the same month a year ago, following a revised 22.5% contraction in August, data from trade agency Enterprise Singapore (EnterpriseSG) showed yesterday.
September’s exports were, however, up by 11.1% from the previous month, reversing the 6.6% fall in August.
In September, the fall in Nodx was due mainly to non-electronics shipments.
Non-electronic Nodx declined by 13.6% year-on-year (y-o-y), a better performance than the 22.9% contraction in August.
Non-monetary gold, pharmaceuticals and food preparations contributed the most to the decline.
Electronics shipments fell by 11.6% y-o-y in September, also a better performance than the 21.1% contraction in the previous month.
Integrated circuits, personal computers and parts of personal computers contributed the most to the fall.
Shipments to Singapore’s top-10 markets mostly fell, except for exports to China, Hong Kong and the United States.
The largest contributors to the decline were Taiwan, Indonesia and Thailand.
Total trade declined by 12.3% in September from the same month a year earlier. This follows the 15.5% contraction in August.
Oil domestic exports slipped by 17% y-o-y in September, after the 24.7% contraction in August.
The fall in oil exports was due to lower shipments to Australia, Hong Kong and Malaysia.
The Singapore government has forecast that Nodx will contract by 9% to 10% in 2023. — The Straits Times/ANN
