Singapore: Exports decline unexpectedly
October 17, 2011
In September, non-oil domestic exports (NODX) contracted 4.5% over the same month last year, and were down to USD 15.0 billion. The reading came in below both the previous month's 3.9% increase (previously reported: +5.1% year-on-year) and market expectations, which had NODX expanding 3.5%. The decrease was fueled by a drop in exports of electronic products, which more than offset an increase in non-electronic products. On a geographical basis, exports to the United States and Taiwan plunged 35.5% (August: -23.1% year-on-year) and 18.9% respectively (August: -10.3% yoy) whilst exports to China decelerated as well. In contrast, despite of the debt crisis in the Eurozone, exports to the European Union improved. A month-on-month comparison corroborates the deterioration suggested by the annual figures, as exports contracted 3.5% in seasonally adjusted terms, which contrasted a strong 7.3% expansion in August (previously reported: +8.3% month-on-month).