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.
Author: Jan Lammersen, Economist