Singapore’s non-oil domestic exports (NODX) decreased 0.5% in October 2015 year-on-year following a 0.3% growth in the previous month, as contraction in electronic exports outweighed the increase in non-electronic product sales, according to the latest data released by the International Enterprise (IE) Singapore.
Exports of non-oil products to all of the top 10 markets, except Japan, the European Union 28, and Hong Kong, contracted compared to October 2014, with shipments to China, Taiwan, and South Korea registering the biggest declines.
On a year-on-year basis, non-oil reexports increased by 6.6% in October, in contrast to the 0.4% decline in September 2015, lifted by growth in electronic re-shipments which outweighed lower non-electronic reexports.
On a three-month moving average, NODX contracted by 2.9% in October 2015 year-on-year, following a 3% decline in the previous month.
On a month-on-month seasonally adjusted basis, NODX rose by 1.1% in October, after the previous month’s 2.8% expansion, due to the increase in non-electronic NODX which outweighed the decrease in electronic NODX. On a seasonally adjusted basis, the level of non-oil exports reached SGD13.8 billion in October 2015, higher than the SGD13.7 billion registered in the previous month.
I/E Singapore said total trade contracted by 7.7% in October year-on-year, following the 10% decline in the previous month. Total exports decreased by 3.1% year-on-year following the 9% contraction in the previous month.
On a month-on-month seasonally adjusted basis, total trade expanded by 3.6% in October, against the 0.5% decline in the previous month. On a seasonally adjusted basis, the level of total trade reached SGD74.9 billion in October 2015, higher than the previous month’s achievement of SGD72.3 billion. Total exports increased by 7.1% in October 2015, compared to the 0.8% contraction in the previous month.
By segment, electronic re-exports rose by 13.1% in October, following the 3.2% increase in the previous month, IE Singapore said. The expansion was due to ICs (10.4 %), telecommunications equipment (44.4%), and diodes and transistors (51%).
Non-electronic reexports decreased by 0.3% after the 4.3% decline in the previous month. The contraction was due to precious stones and pearls (-61.5%), tin (-81.1%), and jewelry (-29.6%).
According to analysts, Singapore’s exports fell less steeply than expected as sales to Europe lifted slightly, but the trade-based city state is expected to remain in recession until the first quarter of next year as global demand continues to flag, particularly from the U.S. and China. In addition, the growth slowdown forecast for the Association of Southeast Asian Nations is seen to exert a further dampening effect.
Photo: Singapore Port
