Singapore: Exports contract sharply in August
September 17, 2012
In August, non-oil domestic exports (NODX) fell 10.6% over the same month last year. The figure contrasted the revised 5.7% rise seen in July (previously reported: +5.8% year-on-year) and was below market expectations that had NODX contracting a more moderate 3.3%. Non-electronic exports decreased 10.0%, which contrasted the 7.8% increase observed in July. In addition, electronic exports fell 11.0% in August, which contrasted the 2.0% expansion tallied in July. A month-on-month comparison corroborates the contraction seen in the annual figures, as exports dropped a seasonally adjusted 9.1%, which followed the 3.6% decline seen in July.