Singapore exports on the year-on-year basis contracted by 12 percent in October 2016, following the 5 percent decline in the previous month, due to the decrease in both electronic and non-electronic NODX (Non-Oil Domestic Exports), International Enterprise (IE) Singapore reported in its media release on 17 November.
This is the second straight month of decline, worse than the 3.5 percent contraction expected by economists in a Reuters poll.
On a y-o-y basis, total trade declined by 7.8 per cent in October 2016, following the 3.6 per cent decrease in the previous month. Total exports decreased by 9.2 per cent in October 2016, after the 1.4 per cent decline in the previous month. Total imports decreased by 6.0 per cent in October 2016, following the 6.2 per cent decline in the preceding month.
On a month-on-month SA basis, total trade increased by 1.4 per cent in October 2016, in contrast to the 1.3 per cent decrease in the previous month. On a SA basis, the level of total trade reached S$70.3 billion in October 2016, higher than the previous month’s achievement of S$69.3 billion.
Total exports decreased by 0.3 per cent in October 2016, following the 0.2 per cent decline in the previous month. Total imports grew by 3.4 per cent in October 2016, in contrast to the 2.5 per cent decline in the previous month.
Electronic NODX declined by 6.0 percent in October 2016, after the 6.6 percent decline in the previous month. The decrease in electronic domestic exports was largely due to ICs (-5.1 percent), disk drives (-47.7 percent) and telecommunications equipment (-19.9 percent).
And shipments of non-electronic NODX contracted by 14.6 per cent in October 2016, after the 4.2 per cent decline in the previous month. The decrease in non-electronic was led by pharmaceuticals (-47.0 per cent), petrochemicals (-7.0 per cent) and civil engineering equipment parts (-40.7 per cent).
NODX to the majority of the top 10 markets, except Taiwan, Hong Kong and South Korea, contracted in October 2016. The largest declines in Singapore’s NODX were from the European Union, Japan and Indonesia.
International Enterprise (IE) Singapore is the government agency promoting international trade and partnering Singapore companies in going global. Its vision is to promote a thriving business hub in Singapore with Globally Competitive Companies and leading international traders.
