Singapore Trade August 2019


Singapore: Non-oil exports contract at softer rate in August

September 17, 2019

Non-oil domestic exports (NODX) dropped 8.9% year-on-year in August, improving from the revised 11.4% contraction in July (previously reported: -11.2% year-on-year) and beating market expectations of yet another double-digit decline. On a month-on-month seasonally-adjusted basis, NODX grew 6.7% in August, up from the 3.5% rise in July.

August’s print reflected drops in shipments of both electronic and non-electronic NODX. Electronic exports fell at an accelerated pace in the month, owing to weakness in demand for microchips, PCs and disk media products amid weak global tech demand. Meanwhile, non-electronic exports contracted at a softer pace in August compared to July and mostly resulted from strong drops in pharmaceuticals, petrochemicals and primary chemicals exports. In terms of markets, demand from Hong Kong, the United States and Malaysia fell at strong rates. More positively, demand from China grew at a robust pace.

FocusEconomics Consensus Forecast panelists see overall nominal exports contracting 4.6% and imports shrinking 4.1% in 2019, with the trade surplus totaling USD 92.1 billion. For 2020, panelists see exports and imports growing 0.3%, with the trade surplus reaching USD 92.2 billion.

Author:, Economist

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Singapore Trade Chart

Singapore Trade August 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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