Singapore Trade September 2019

Singapore

Singapore: Non-oil exports contract at milder pace in September

October 17, 2019

Non-oil domestic exports (NODX) fell 8.1% year-on-year in September, improving slightly from the revised 9.0% decline in August (previously reported: -8.9% year-on-year). On a month-on-month seasonally-adjusted basis, NODX contracted 3.3% in September, contrasting August’s 6.7% rise.

September’s reading reflected declines in both electronic and non-electronic NODX. Electronic exports contracted slightly less sharply in September compared to August, amid falling exports of microchips, PCs and disk media products due to the global manufacturing slowdown. Meanwhile, the fall in non-electronic exports held steady at 2.3% and was largely driven by marked drops in pharmaceuticals, petrochemicals and jewelry exports.

In terms of markets, demand from Japan, the EU, Hong Kong and the United States all declined significantly. On the other hand, demand from China grew at a solid pace.

FocusEconomics Consensus Forecast panelists see overall nominal exports growing 1.5% and imports 1.3% in 2020, with the trade surplus totaling USD 78.3 billion. For 2021, panelists see exports growing 7.4% and imports 4.8%, with the trade surplus reaching USD 93.3 billion.


Author:, Economist

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Singapore Trade September 2019

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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