Singapore: Non-oil exports fall at fastest pace in 12 months in November
December 17, 2020
Non-oil domestic exports (NODX) fell 4.9% on an annual basis in November, deteriorating from October’s 3.1% decline. November’s drop was the sharpest in a year and fell well short of market expectations. The downturn was broad-based, with non-electronic and electronic exports both falling in the month. In terms of markets, exports to China, the EU, Indonesia and Korea contracted, while growth in sales to the U.S. and Japan softened the overall decline.
In seasonally-adjusted month-on-month terms, NODX exports rose 3.8% in November, contrasting October’s 5.4% decrease.
Author: Stephen Vogado, Economist