Singapore’s December non-oil domestic exports plunges 8.5%

The weakness was due to a high base a year ago and a decline in shipments in both electronic and non-electronic goods.

A port in Singapore Source: Bloomberg

Singapore’s non-oil domestic exports (Nodx) ended 2018 with a second consecutive month of decline in December. The weakness was due to a high base a year ago and a decline in shipments in both electronic and non-electronic goods.

Nodx fell by 8.5% from a year ago for last month, worsening from the revised 2.8% fall in November, Singapore’s trade agency Enterprise Singapore said on Thursday.

Shipments of non-electronic goods sank by 7.4% for last month, following the 5.4% fall in the previous month. The fall was led by declines in shipments of specialized machinery, pharmaceuticals, and primary chemicals.

Export of electronic products fell by 11.2%, reversing from the 4.3% growth in the previous month, due to declines in shipments of personal computers, disk media products, and diodes and transistors.

On a seasonally adjusted month-on-month basis, Nodx fell by 5.7%, after the previous month’s 4.3% fall, due to declines in the shipment of both electronic and non-electronic Nodx.

Shipments to 8 out of Singapore’s top 10 exporting partners shrank

The majority of Singapore’s top 10 exporting partners decreased in shipments last month, with the largest contributors to the Nodx fall being the European Union (EU), South Korea, and Malaysia at declines of 28.7%, 39.1%, and 15.5%, respectively.

Nodx to the EU fell in shipments for pharmaceuticals, personal computers, and aircraft parts while Nodx to South Korea fell in shipments for specialized machinery, measuring instruments, and integrated circuits. Nodx shipments to Malaysia declined in the export of integrated circuits, non-monetary gold, and specialized machinery.

Only shipments to the United States (US) and China rose, and were up by 31.1% and 15.4%, respectively. Electronic exports to China rose by 60.5% while non-electronics gained by 1.0%. Exports to the US was supported by a 45.5% increase in non-electronic goods but the shipment of electronic goods fell by 17.8%.

Total trade rose 1.6% in December compared to a year ago supported by import growth, following the 7.4% increase in November.


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