Singapore Trade


Exports fall sharply in August as top export markets deteriorate

In August, non-oil domestic exports (NODX) fell 8.4% over the same month last year, which was significantly below the 0.7% increase tallied in July and marked a six-month low. The result was lower than the 3.0% decline that the markets had expected.

August’s decrease reflected deteriorations in seven of the top ten export markets, with Taiwan, South Korea and China recording the sharpest falls. According to International Enterprise (IE) Singapore, August’s fall reflected poorer performances in both non-electronics and electronics exports. Exports of non-electronic products in August fell 10.6%, which was below the 2.0% decline tallied in the previous month. Meanwhile, electronics fell 2.7%, which contrasted the 2.5% expansion recorded in July.

On a month-on-month seasonally-adjusted basis, exports fell 4.6% in August, which contrasted July’s 2.5% increase.

FocusEconomics Consensus Forecast panelists see overall nominal exports expanding 6.0% in 2015, which would bring exports to a total of USD 412 billion. For 2016, the panel foresees exports growing 4.5% and thus reaching a total of USD 431 billion by the end of the year.

Author:, Economist

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Singapore Trade Chart

Singapore Trade August 2015

Note: Year-on-year and seasonally-adjusted month-on-month variation of non-oil domestic exports in %.
Source: Statistics Singapore (Singstat) and FocusEconomics calculations.

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