Singapore: Exports fall at sharper rate in January
February 17, 2016
In January, non-oil domestic exports (NODX) fell a sharp 9.9% over the same month last year, which followed the 7.2% decrease tallied in December and marked the lowest reading in almost a year. The result undershot the softer 7.4% decline that the markets had expected.
January’s increase reflected deteriorations in half of the country’s top 10 export markets. Exports to China, Singapore’s largest export recipient, Taiwan and Hong Kong particularly suffered in January. According to International Enterprise (IE) Singapore, January’s result reflected deteriorations in both electronics and non-electronic shipments compared to December. Exports of electronic products in January fell 0.6%, which followed the 0.3% decrease tallied in the previous month. Meanwhile, non-electronics fell 13.9%, which was a sharper drop than the 10.3% decline recorded in December.
On a month-on-month seasonally-adjusted basis, exports rose 0.7% in January, which contrasted December’s 2.6% decrease.
Author: Eric Denis , Economist