Singapore: Exports plummet in February
March 18, 2013
In February, non-oil domestic exports (NODX) fell a massive 30.6% over the same month last year. The figure contrasted a meagre 0.4% rise in January (previously reported: +0.5% year-on-year) and was larger than the 16.0% decline expected by the market. In fact, the figure represented the largest contraction observed in four years. As a result, in the 12 months up to February, exports declined 4.1% over the same period last year (January: +0.8% yoy).
Non-electronic exports fell 32.0% in February (January: +3.7% yoy), driven by structures of ships and boats, pharmaceuticals as well as electrical machinery. In addition, electronic exports decreased 27.4% (January: +5.6% yoy).
On a monthly basis, exports declined for the third month in a row and fell a seasonally adjusted 2.4% (January: -1.8% month-on-month).
FocusEconomics Consensus Forecast panellists see overall nominal exports expanding 3.6% this year, which would bring them to a total of USD 443 billion. For next year, the panel projects exports to grow 6.8% to a total of USD 473 billion.