Singapore: Exports plummet in January
February 17, 2014
In January, non-oil domestic exports (NODX) fell 3.3% over the same month last year, which significantly contrasted the 6.0% rise recorded in December and more than doubled the 1.6% fall the markets had expected. January's fall represents the sharpest decrease since December 2012.
According to International Enterprise (IE) Singapore, the deterioration was broad-based. Exports of electronic products contracted 17.0% in January, following the 3.1% fall observed in December. In addition, non-electronic exports decelerated from a 10.6% increase in December to a 3.5% rise in January.
On a monthly basis, exports fell a seasonally-adjusted 5.0%, which contrasted the 6.3% increase recorded in December.
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