Singapore Trade Balance November 2020


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.

FocusEconomics Consensus Forecast panelists project exports to total USD 430.0 billion in 2021 and rise to USD 470.0 billion in 2022.

Author:, Economist

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Singapore Trade Balance Chart

Singapore Trade November 20 20

Note: Year-on-year and seasonally-adjusted month-on-month variation of non-oil domestic exports in %.
Source: Statistics Singapore (Singstat), International Enterprise (IE) Singapore and FocusEconomics calculations.

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