Singapore: Non-oil exports rise at a milder pace in September
October 16, 2020
Non-oil domestic exports (NODX) rose 5.9% in annual terms in September, rising at a slower pace than August’s 7.7% increase and falling short of market expectations. The moderation was primarily driven by a decline in overseas sales of non-electronic products, particularly pharmaceutical exports. In contrast, electronic exports gained steam in September, softening the slowdown somewhat. In terms of markets, exports to EU 27, Malaysia and the U.S. grew notably in September, whereas sales to Indonesia, Hong Kong and Thailand recorded a decline compared to the same period last year.
In seasonally-adjusted month-on-month terms, NODX exports fell 11.3% in September, contrasting August’s 11.3% increase.