Things are not looking well for the local economy, according to the latest Enterprise Singapore data released on Monday (18 Nov). Both non-oil domestic exports (NODX) and oil domestic exports declined on a year-on-year (y-o-y) basis. And NODX has on the declining trend for the past eight months.
On a y-o-y basis, NODX decreased by 12.3% in October 2019, following the 8.1% decline in the previous month. Both electronic and non-electronic NODX declined.
On a y-o-y basis, electronic NODX declined by 16.4% in October 2019, following the 24.8% contraction in the previous month. ICs, PCs and telecommunications equipment contracted by 17.2%, 31.3% and 15.7% respectively, contributing the most to the decline in electronic NODX.
As for non-electronic products on a y-o-y basis, non-electronic NODX contracted by 11.0% in October 2019, following the 2.3% decline in the previous month. Pharmaceuticals (-36.0%), petrochemicals (-19.2%) and primary chemicals (-47.3%) contributed the most to the decline in non-electronic NODX.
All non-oil domestic exports to Singapore’s major markets dropped in October with the exception of Taiwan.
As for oil domestic exports on a y-o-y basis, oil domestic exports decreased by 21.0% in October 2019, following the 22.6% contraction in the preceding month. According to the figures provided by ES, lower exports to Indonesia (-32.0%), Malaysia (-23.2%) and Hong Kong (-30.3%) contributed to the y-o-y decrease of oil domestic exports.
Total trade decreased by 9.7% in October 2019, following the 5.0% decline in the preceding month. Total imports decreased by 10.3% in October 2019, after the 4.8% decline in the previous month. Total exports decreased by 9.2% in October 2019, following the 5.1% decline in September 2019.