Singapore Trade December 2015


Singapore: Exports fall at sharper rate in December

January 19, 2016

In December, non-oil domestic exports (NODX) fell a sharp 7.2% over the same month last year, which was below the 3.4% decrease tallied in November and marked a four-month low. The result undershot the softer 4.4% decline that the markets had expected.

December’s increase reflected deteriorations in five of the country’s top ten export markets, with exports to China, Singapore’s largest export recipient, and South Korea particularly suffering in December. According to International Enterprise (IE) Singapore, December’s result reflected deteriorations in both electronics and non-electronic shipments compared to November. Exports of electronic products in December fell 0.3%, which contrasted the 0.6% growth tallied in the previous month. Meanwhile, non-electronics fell 10.3%, which was much a much sharper drop than the 5.1% decline recorded in November.

On a month-on-month seasonally-adjusted basis, exports fell 3.1% in December, which followed November’s 3.8% decrease.

FocusEconomics Consensus Forecast panelists see overall nominal exports expanding 40.2% in 2016, which would bring exports to a total of USD 402 billion. For 2017, the panel foresees exports growing 2.3% and thus reaching a total of USD 411 billion by the end of the year.

Author:, Economist

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Singapore Trade Chart

Singapore Trade December 2015

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

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