Singapore Trade September 2016


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.

FocusEconomics Consensus Forecast panelists see overall nominal exports falling 6.2% in 2016, which would bring exports to a total of USD 354 billion. For 2017, the panel foresees exports growing 3.6% and reaching a total of USD 366 billion by the end of the year.

Author: Massimo Bassetti, Economist

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Singapore Trade Chart

Singapore Trade September 2016

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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