Singapore: Exports fall in September
October 17, 2016
In September, non-oil domestic exports (NODX) dropped 4.8% from the same month last year, deteriorating from August’s flat result. The result slightly overshot market expectations of a more severe 5.0% decrease.
September’s reading resulted from contractions in seven out of the country’s top ten export markets—all except South Korea, Hong Kong and the EU. It reflected a sharper contraction in shipments of electronic NODX and a swing from expansion to contraction in exports of non-electronic products. Exports of electronic products shrank 6.6%, which followed the 6.0% contraction seen in the previous month. Meanwhile, non-electronic exports decreased 4.0%, which contrasted August’s 2.7% growth.
On a month-on-month seasonally-adjusted basis, exports expanded 2.4% in September, which contrasted August’s 1.9% drop.