Singapore: Exports contract unexpectedly in August
September 17, 2013
In August, non-oil domestic exports (NODX) fell 6.2% over the same month last year, marking the sharpest drop in six months. The contraction exceeded the 1.9% decline recorded in July (previously reported: -0.7% year-on-year) and contrasted the 2.4% expansion the market had expected.
According to International Enterprise (IE) Singapore, the sharp decline in exports was due to a decrease in both electronic exports (August: -9.2% yoy; July: -11.1% yoy) and non-electronic exports (August: -4.7% yoy; July: -2.9% yoy). On a monthly basis, exports decreased a seasonally-adjusted 6.0%, which undershot the 1.8% decline recorded in July.
FocusEconomics Consensus Forecast panelists see overall nominal exports expanding 1.4% this year, which would bring exports to a total of USD 442 billion. For next year, the panel projects exports to grow 8.2%, for a total of USD 478 billion.
Author: Dirina Mançellari, Senior Economist