Singapore: Export growth weakens considerably in December
Non-oil domestic exports (NODX) rose 3.1% in annual terms in December, down from November’s strong 9.1% increase. The result surprised market expectations on the downside. October’s reading confirmed that the city state’s economy is still benefiting from an upturn in global demand.
December’s reading was influenced by a drop in demand from China, Hong Kong, Taiwan, Indonesia and Thailand. On the other hand, growth in exports toward the EU, South Korea, Malaysia, and the U.S. accelerated, while demand from Japan remained strong. Looking at the sector-by-sector picture, exports of non-electronic products grew 6.8% in December, driven by growing exports of specialized machinery, non-electric engines and motors and measuring instruments, following a stronger 10.6% increase in November. Meanwhile, exports of electronic goods contracted 5.3% in November, contrasting the 5.1% expansion in the previous month, due to lower exports of PCs, ICs and diodes and transistors.
On a month-on-month seasonally-adjusted basis, exports declined 5.0% in December, contrasting November’s 8.6% increase.