Singapore: Non-oil domestic exports nosedive in August
Latest reading: Non-oil domestic exports (NODX) contracted at the sharpest rate in 17 months, falling 11.2% in annual terms in August (July: -4.6% yoy). In seasonally adjusted month-on-month terms, NODX exports declined 8.8% in July, following July’s 6.0% drop.
The decline in annual terms was driven by a sharp contraction in specialized machinery, food preparations and petrochemicals. Moreover, electronics shipments swung to contraction, highlighting the fading effect of frontloaded sales. Looking at key export markets, annual NODX to U.S., China, Indonesia and Japan continued to fall. In contrast, exports to the Euro area, South Korea and Taiwan rose in annual terms.