Singapore: Exports fall sharply in August as top export markets deteriorate
September 18, 2015
In August, non-oil domestic exports (NODX) fell 8.4% over the same month last year, which was significantly below the 0.7% increase tallied in July and marked a six-month low. The result was lower than the 3.0% decline that the markets had expected.
August’s decrease reflected deteriorations in seven of the top ten export markets, with Taiwan, South Korea and China recording the sharpest falls. According to International Enterprise (IE) Singapore, August’s fall reflected poorer performances in both non-electronics and electronics exports. Exports of non-electronic products in August fell 10.6%, which was below the 2.0% decline tallied in the previous month. Meanwhile, electronics fell 2.7%, which contrasted the 2.5% expansion recorded in July.
On a month-on-month seasonally-adjusted basis, exports fell 4.6% in August, which contrasted July’s 2.5% increase.
Author: Eric Denis , Economist