Singapore: Exports plummet in November
December 17, 2013
In November, non-oil domestic exports (NODX) fell 8.8% over the same month last year. The figure significantly contrasted both the 2.8% increase observed in October and the 4.5% rise the markets had expected. In addition, the reading represents the smallest decrease since June 2013.
According to International Enterprise (IE) Singapore, the contraction was mainly the result of a deterioration in the export of non-electronic products (October: +4.9% year-on-year; November: -8.8% yoy). In addition, the export of electronic products declined 8.9% over the same month last year, which was well below the 1.4% decline recorded in the previous month.
On a monthly basis, exports fell a seasonally-adjusted 9.3%, which contrasted the 3.2% increase recorded in October.
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