SINGAPORE – Singapore’s non-oil domestic exports (Nodx) saw a second surprise fall in November, mainly due to declines in shipments of petrochemicals, pharmaceuticals and non-monetary gold, followed by electronics.
Nodx dropped 4.9 per cent year on year in November after a 3.1 per cent decrease in October, Enterprise Singapore (ESG) said on Thursday (Dec 17). Before October, Singapore saw four consecutive months of Nodx growth.
Analysts polled by Bloomberg had forecast a slight growth in shipments of 0.3 per cent, going by the median estimate.
Electronic exports declined by 3.8 per cent last month, following the 0.5 per cent drop in October, with integrated circuits, disk media products and parts of PCs contributing the most to the decline.
Non-electronic shipments dropped by 5.2 per cent year on year, after a 4 per cent fall in October. Petrochemicals, pharmaceuticals and non-monetary gold contributed the most to the decline in non-electronic Nodx.
Nodx to the top markets as a whole declined in November, though exports to the US, Japan, Taiwan, Malaysia, Thailand and Hong Kong grew. The largest contributors to the decline in November Nodx were China, the European Union and Indonesia.
On a month-on-month and seasonally adjusted basis, Nodx in November rose by 3.8 per cent, after the previous month’s 5.4 per cent decline. Both electronic and non-electronic domestic exports grew month-on-month.
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