Singapore: Non-oil exports in January record sharpest contraction in 27-months
January 17, 2019
Non-oil domestic exports (NODX) decreased by 10.1% year-on-year in January, contracting at a stronger pace than December’s 8.5% decline. On a month-on-month seasonally-adjusted basis, NODX decreased 5.7% in January after posting a revised 4.0% contraction in December (previously reported: -5.7% month-on-month).
January’s result was underpinned by declines in both electronic and non-electronic NODX, dropping 15.9% and 7.9% respectively. In terms of markets, the drop in NODX to China was 25.4% in January, following December’s 15.4% expansion and mainly driven by steep contractions in non-monetary gold, specialized machinery and measuring instruments. Demand for Singaporean goods in the EU28, South Korea and Hong Kong also contracted. Indeed, exports to all top markets fell.
Author: Steven Burke, Economist