SINGAPORE, Nov 17 — Singapore exports for October fell more sharply than expected, declining 12 per cent on the back of a fall in shipments of both electronics and non-electronic products amid weak global demand.
This is the second straight month of decline for non-oil domestic exports (NODX), data from trade agency International Enterprise (IE) Singapore showed today. Singapore’s exports fell five per cent in September. October’s export figures were worse than the 3.5 per cent contraction expected by economists in a Reuters poll.
Shipments of electronic products contracted by 6.0 per cent in October, following the 6.6 per cent decline the previous month, due to a drop in the exports of integrated circuits, disk drives and telecommunications equipment.
Meanwhile, shipments of non-electronic products contracted by 14.6 per cent last month, after a 4.2 per decline in September. The decrease was led by pharmaceuticals, petrochemicals and civil engineering equipment parts.
Singapore’s non-oil domestic exports to its seven largest markets contracted in Oct, with the largest declines coming from the European Union, Japan and Indonesia. — TODAY
