Singapore Trade October 2016


Singapore: Fall in exports sharpens in October

November 17, 2016

In October, non-oil domestic exports (NODX) dropped 12.0% from the same month last year, deteriorating from September’s 5.0% fall. The result vastly underperformed market expectations of a less severe 2.0% decrease.

October’s reading resulted from contractions in seven out of the country’s top ten export markets—all except South Korea, Hong Kong and Taiwan. It reflected a sharper contraction in shipments of non-electronic NODX and a slightly milder contraction in exports of electronic products. Exports of electronic products shrank 6.0%, which followed the sharper 6.6% contraction seen in the previous month. Meanwhile, non-electronic exports decreased 14.6%, which was a far worse print than September’s 4.2% decline.

On a month-on-month seasonally-adjusted basis, exports contracted 3.7% in October, which contrasted September’s 2.2% expansion.

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 October 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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