Singapore Trade November 2019


Singapore: Non-oil exports contract in November

December 17, 2019

The Singaporean external sector remained in a tough spot midway through the final quarter of the year as global trade tensions dragged on. In November, non-oil domestic exports (NODX) fell 5.9% year-on-year, up from October’s revised 12.5% fall (previously reported: -12.3% year-on-year). On the other hand, exports swung from a 3.1% month-on-month contraction in October to a 5.8% expansion in November.

The latest contraction in annual exports came solely on the back of a nosedive in electronic products exports, which came on the back of falling demand for microchips, PCs, and disk drives. Exports of non-electronic products in November, however, rebounded from a steep drop in October. This was driven by skyrocketing exports of non-monetary gold while specialized machinery and non-electric engines and motors also rose strongly.

In terms of markets, demand from Thailand and the United States rebounded in November. Less positively, demand from Hong Kong, likely linked to lingering large-scale protests, the European Union, China and Japan continued to fall.

FocusEconomics Consensus Forecast panelists see overall nominal exports growing 1.7% and imports 1.5% in 2020, with the trade surplus totaling USD 77.7 billion. For 2021, panelists see exports growing 6.8% and imports 5.1%, with the trade surplus reaching USD 89.1 billion.

Author:, Economist

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Singapore Trade Chart

Singapore Trade November 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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