Singapore: Exports improve in September
October 17, 2013
In September, non-oil domestic exports (NODX) decreased 1.2% over the same month last year, which represents nonetheless the highest value in five months. The contraction overshot both the revised 6.8% fall seen in August (previously reported: -6.2% year-on-year) and market expectations of a 2.8% contraction.
According to International Enterprise (IE) Singapore, the acceleration came mainly on the back of improving exports of non-electronic products, which expanded 0.9% (August: -5.6% yoy). In addition, exports of electronic products fell 5.5% in September (August: -9.2% yoy). On a monthly basis, exports expanded 5.7%, which contrasted the 6.6% fall seen in August.
FocusEconomics Consensus Forecast panelists see overall nominal exports expanding 1.4% this year, which would bring exports to a total of USD 442 billion. For next year, the panel projects exports to grow 8.2%, for a total of USD 478 billion.
Author: Dirina Mançellari, Senior Economist