Exports growth slows to 3.1% in September
This is down from the 11.4% growth in August 2022.
Singapore’s non-oil domestic exports (NODX) grew by 3.1% in September 2022, slower than the 11.4% growth seen in the previous month, Enterprise Singapore reported.
Enterprise Singapore attributed this to non-electronics, which increased by 7.6% in September. Electronic products, meanwhile, dropped by 10.6% over the same period.
The report also noted that Singapore saw its exports register an overall decline across its top 10 markets.
The largest contributor to the fall was China (-33.8%) and Hong Kong (-16.7%) in September. Thailand and the US, meanwhile, registered 21.7% and 8.6% growth, respectively.
Moreover, non-oil re-exports (NORX) expanded by 20.2% over the same period after both electronics and non-electronics increased. Electronic NORX grew by 18%, and non-electronic NORX increased by 22.9% in September 2022.
Total trade grew by 20.7% in September, slightly down from the 26% expansion recorded in the previous month.