Singapore October exports slump 12%

The electronics sector is a major drag.

Singapore's non-oil domestic exports (NODX) fall further in October. It registered 12% YoY contraction following a 5% drop in September due to the decrease in both electronic and non-electronic NODX.

Data from International Enterprise Singapore show that on a y-o-y basis, electronic NODX contracted by 6% in October 2016, following the 6.6% decline in the previous month.

The decrease in electronic domestic exports was largely due to ICs (-5.%), disk drives (-47.7 %) and telecommunications equipment (-19.9%).

On a y-o-y basis, non-electronic NODX contracted by 14.6% in October 2016, after the 4.2% decline in the previous month. The decreasein non-electronic NODX was led by pharmaceuticals (-47.0%), petrochemicals (-7.0%) and civil engineering equipment parts (-40.7%).

On a month-on-month seasonally adjusted (m-o-m SA) basis, NODX decreased by 3.7% in October 2016, in contrast to the previous month’s 2.2% increase.

On a SA basis, the level of NODX reachedS$12.3b  in October 2016, lower than the S$12.7b registered in the previous month.