Singapore: Exports contract in January
February 17, 2012
In January, non-oil domestic exports (NODX) decreased 2.1% over the same month last year. The reading contrasted the 9.0% expansion recorded in December and was below market expectations that had NODX contracting 1.6%. The decline was driven by a contraction in exports of electronic products that was partly offset by an increase in the exports of non-electronic products. A month-on-month comparison corroborates the slowdown suggested by the annual figures, as exports grew only 0.9% in seasonally adjusted terms, which is well below the 13.5% increase seen in December.