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Singapore Trade December 2023

Singapore: Non-oil domestic exports decrease in December

Non-oil domestic exports (NODX) fell 1.5% in annual terms in December, contrasting November’s 1.0% increase. December’s result was weaker than expected and was due to a fall in electronics NODX, while non-electronics shipments grew for the second consecutive month. That said, the uptick in non-electronics NODX softened from the previous month due to moderating growth in pharmaceutical goods. NODX to Singapore’s main destinations declined overall, largely due to downbeat exports to Japan, South Korea and Taiwan. Meanwhile, non-oil exports to China, Hong Kong, the EU and the U.S. improved.

In seasonally adjusted month-on-month terms, NODX exports declined 2.8% in December, compared to November’s 0.3% increase.

UOB analysts Alvin Liew and Jester Koh commented on the outlook:

“In 2024, recovery in NODX will be largely driven by base effects given the sharp double digits y/y decline seen in electronics NODX from Nov 2022 to Sep 2023 although the sequential recovery could be challenging in 1H24 given tight financial conditions in the US and EU.”

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