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Singapore non-oil exports fall for 3rd straight month in May, with declines in electronic, non-electronic shipments
SINGAPORE’S non-oil domestic exports (NODX) slumped by double digits for the third straight month in May, as uncertainty from global trade tensions, the fading of the electronics cycle, and a high base from a year ago continue to bite.
NODX extended its decline to fall by 15.9 per cent in May, following a 10 per cent drop in April, according to the latest report by Enterprise Singapore.
But this was slightly less gloomy compared to economists’ earlier prediction of an 18.7 per cent plunge in exports.
The dismal showing in May came on the back of declines in both electronic and non-electronic shipments.
Electronic NODX fell by a sharp 31.4 per cent in May, following the 16.3 per cent decrease in the previous month. Integrated circuits (ICs), disk media products and parts of ICs contributed the most to the drop, contracting by 39.8 per cent, 42.4 per cent and 54.2 per cent respectively.
Non-electronic NODX decreased by 10.8 per cent last month, after the 8 per cent decline in April. Civil engineering equipment parts (-92.4 per cent), non-monetary gold (-72.4 per cent) and petrochemicals (-14.7 per cent) contributed the most to the fall.
Non-oil exports to the majority of Singapore’s top markets decreased in May 2019, with the exception of the US. The largest contributors to the NODX decline were China, Taiwan and Hong Kong.
On a month-on-month seasonally adjusted basis, NODX rose by 6.2 per cent in May, after the previous month’s 0.7 per cent decrease.
Total trade decreased by 2.1 per cent in May as both imports and exports declined, after the 3.2 per cent growth in the preceding month.
Earlier in May, the official non-oil domestic export growth forecast for this year was trimmed from between zero and 2 per cent growth to between negative 2 and zero per cent growth.
Source: https://www.businesstimes.com.sg/government-economy/singapore-non-oil-exports-fall-for-3rd-straight-month-in-may-with-declines-in