Singapore Trade September 2017


Singapore: Exports decline in September on lower demand for electronics

October 18, 2017

Non-oil domestic exports (NODX) decreased 1.1% in annual terms in September, contrasting August’s revised strong 16.7% jump (previously reported: +17.0% year-on-year). The result was influenced by slower demand growth and a high base effect for electronic NODX from the previous year and starkly contrasted market expectations of a 12.7% expansion.

September’s reading resulted from declining demand from Thailand, Hong Kong and the European Union as well as from weaker demand growth from China, South Korea, Japan and Indonesia. Looking at the sector-by-sector picture, exports of non-electronic products increased by 1.9% in September, following a stronger 15.0% expansion in August, driven by growing exports of non-monetary gold, petrochemicals and specialized machinery. Meanwhile, exports of electronic goods contracted 7.9% in September, contrasting the 20.8% growth observed in the previous month, due to lower exports of PCs, ICs and diodes, and transistors.

On a month-on-month seasonally-adjusted basis, exports contracted 11.0% in September, contrasting August’s revised 4.2% expansion (previously reported: +3.3% mom s.a.).

FocusEconomics Consensus Forecast panelists see overall nominal exports expanding 1.1% in 2017, which would bring exports to a total of USD 365.4 billion. For 2018, the panel foresees exports growing 2.6% and reaching a total of USD 375.1 billion by the end of the year.

Author: Massimo Bassetti, Economist

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Singapore Trade Chart

Singapore Trade September 2017

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

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