Singapore: Exports tumble in February
March 17, 2015
In February, non-oil domestic exports (NODX) fell 9.7% over the same month of last year, which contrasted the 4.3% increase tallied in January. The print came in well below the 0.9% decrease that the markets had expected and marked the lowest reading in two years.
February’s strong contraction came amid a slowdown in the global economy, although it mainly reflected the sharp deceleration in demand from China. According to International Enterprise (IE) Singapore, the result reflected strong contractions in both electronic and non-electronic exports. Electronics exports fell 12.5% in February, contrasting the 5.0% rise registered in the previous month. Meanwhile, exports of non-electronic products swung from a 4.0% increase in January to an 8.5% drop in February.
On a month-on-month seasonally-adjusted basis, exports declined 9.4% in February, which contrasted the 1.6% expansion seen in January.
Author: Cecilia Simkievich, Economist