Singapore: Exports plummet in October
November 17, 2011
In October, non-oil domestic exports (NODX) posted a sharp decline of 16.2% over the same month last year. The figure came in below the 4.6% contraction tallied in September (previously reported: -4.5% year-on-year) and market expectations that had NODX falling 7.8%. The contraction was mainly driven by a significant drop in the export of electronic products, although non-electronic product exports also declined. On a geographical basis, exports to the United States and Europe were the main drag on exports, as they contracted 50.6% (September: -35.5% yoy) and 30.9% (September: +5.0% yoy) respectively. In addition, exports to China moderated from a 4.0% expansion in September to a 3.1% increase in October. A month-on-month comparison corroborates the deterioration suggested by the annual figures, as exports contracted 5.9% in seasonally adjusted terms, which came in on top of the 9.3% decline observed in September (previously reported: +3.5% month-on-month).