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