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.).