Singapore Trade November 2018


Singapore: Non-oil exports contract in November despite a rebound in electronic exports

December 17, 2018

Non-oil domestic exports (NODX) decreased by 2.6% year-on-year in November, contrasting October’s downwardly revised 8.2% expansion (previously reported: +8.3% year-on-year). On a month-on-month seasonally adjusted basis, NODX swung from a 4.2% increase in October to a 4.2% contraction in November.

November’s result was underpinned by a sharp year-on-year fall in non-electronic NODX, as non-monetary gold, specialized machinery and petrochemicals posted notable annual declines. In terms of markets, the drop in non-electronic NODX was driven by reduced import demand from China, South Korea and Indonesia. In contrast, electronic NODX grew in November in annual terms.

Looking ahead, softer global growth and the U.S.-China trade dispute could weigh on the country’s external sector.

FocusEconomics Consensus Forecast panelists see overall nominal exports expanding 3.6% in 2019 and imports growing 2.8%, with the trade surplus totaling USD 79.7 billion. For 2020, panelists see exports growing 4.3% and imports climbing 4.1%, with the trade surplus reaching USD 83.7 billion.

Author:, Economist

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Singapore Trade Chart

Singapore Trade November 2018 0

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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