By Ronnie Harui
SINGAPORE–Singapore’s non-oil domestic exports fell for the 12th straight month in September, with shipments of both electronics and non-electronics declining in most of its top 10 markets.
Non-oil domestic exports from the Southeast Asian trading hub in September contracted 13.2% compared with the same period a year earlier, Enterprise Singapore said Tuesday. That compared with the median estimate of eight economists surveyed by The Wall Street Journal for a 12.7% decline. In August, non-oil domestic exports dropped by a revised 22.5% on year.
On a month-over-month seasonally adjusted basis, non-oil domestic exports rose 11.1% in September. That compared with the revised contraction of 6.6% in August.
Electronics exports slid 11.6% in September, slowing from the 21.1% contraction in the prior month. Non-electronics exports fell 13.6% in September, decelerating from the revised 22.9% contraction in the previous month.
Among the main contributors to September’s contraction in non-electronics domestic exports were non-monetary gold, which plunged 59.6%, pharmaceuticals, which dropped 31.2%, and food preparations, which slumped 40.0%, Enterprise Singapore said.
Non-Oil Domestic Exports to Top Markets (% Y/Y) August September Taiwan -31.5 -34.9 Indonesia -27.9 -45.2 Malaysia -14.1 -19.8 Japan -10.9 -27.2 South Korea -31.5 -29.2 Thailand -10.6 -29.8 EU 27 -29.0 -9.2 U.S. -32.4 +9.7 Hong Kong -5.9 +55.0 China -19.3 +26.2
Write to Ronnie Harui at [email protected]
Read the full article here
