Singapore: Exports plunge in December
January 17, 2013
In December, non-oil domestic exports (NODX) fell 16.3% over the same month the year before. The figure followed on the 2.6% decline seen in November and exceeded market expectations of a 7.6% decrease. As a result, in the full year 2012, exports expanded 0.5% over the same period the year before (2011: +2.2% year-on-year).
Non-electronic exports fell 14.8% in December (November: +6.1% yoy), driven by lower shipments of structures of ships and boats, pharmaceuticals as well as specialized machinery. Meanwhile, electronic exports contracted 19.1% (November: -16.5% yoy).
A month-on-month comparison does not corroborate the deterioration seen in the annual figures, as exports swung from a seasonally adjusted 0.4% decline in November to a 1.8% expansion in December.