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Singapore Trade January 2019

Singapore: Non-oil exports in January record sharpest contraction in 27-months

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.

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