Singapore: Non-oil exports contract at a stronger pace in October
The external sector’s performance deteriorated at the start of the final quarter of this year, with non-oil domestic exports (NODX) falling 12.3% year-on-year in October (September: -8.1% year-on-year). On the other hand, on a month-on-month basis exports fell 2.9%in October, which was up from September’s 3.3% contraction in the prior month.
The latest contraction was driven by steep falls in both electronics and non-electronics exports; however, a high base effect further drove the drop. The decline in electronic exports came on the heels of falling shipments of computers, telecommunications and microchips; meanwhile, the drop in non-electronic products reflected nosediving exports of primary chemicals and pharmaceuticals and petrochemicals.
In terms of markets, demand from Japan, the European Union and the United States fell at a noticeable pace. Among the top markets, only demand from Taiwan increased.