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.