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Singapore’s non-oil domestic exports down 8.9% in August

  • Sep 17, 2019

SINGAPORE’S non-oil domestic exports (NODX) fell 8.9 per cent year on year in August, breaking a five-month streak of double-digit declines, according to Enterprise Singapore figures on Tuesday.

The August decline eased from July’s 11.4 per cent fall, in the second consecutive pick-up since June’s six-year low. On a month-on-month seasonally adjusted basis, NODX rose 6.7 per cent in August, strengthening from July’s 3.5 per cent growth.

Electronic NODX was down 25.9 per cent year on year in August, steepening from the previous month’s 24.2 per cent fall. Contributing the most to this decline were contractions in exports of integrated circuits (-32.1 per cent), PCs (-28.6 per cent), and disk media products (-11.9 per cent).

In contrast, non-electronic NODX declined 2.2 per cent, easing from the previous month’s 6.7 per cent fall. Contributing most to the decline were pharmaceuticals (-23.6 per cent), petrochemicals (-20.8 per cent) and primary chemicals (-29.3 per cent).

NODX to nine of Singapore’s top 10 markets declined year on year, with China being the exception with 38.5 per cent growth. The fall was led by Hong Kong (-32 per cent), the United States (-15 per cent), and Malaysia (-19.7 per cent).

Source: https://www.businesstimes.com.sg/government-economy/singapores-non-oil-domestic-exports-down-89-in-august