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.
Author: Steven Burke, Economist