S’pore non-oil domestic exports jumps 3.1% in Sept, electronics shrink
Author : Saipriya Iyer | Published Date : 2022-10-17
Singapore's main exports reportedly performed poorly in September due to deteriorating global growth prospects and mounting threats of recession.
According to figures released by Enterprise Singapore, after growing by 11.4% in August, non-oil domestic exports (Nodx) increased by 3.1% annually in September.
The figure fell short of analysts' median projection of 6.9%.
The decline in electronics exports, which decreased by a steeper 10.6% year-over-year in September after declining by 4.5% in August, was the main contributor to the disappointing Nodx data.
Exports of electronics have now fallen for two consecutive months, ending their upward trend since November 2021, and signaling a future slump in the technology industry.
The decrease in Nodx was mostly led by Disk media products saw the largest decline of 42.7%, followed by PC parts (22.3%), and a 12% slump in the IC market.
After increasing by 16.9% in September, the rise in non-electronics Nodx also moderated, rising by 7.6% year over year instead.
The three industries that contributed the most to the growth of non-electronic Nodx were pharmaceuticals, measurement devices, and non-monetary gold.
Nodx decreased for the second consecutive month on a seasonally adjusted monthly basis, dropping by 4% to $16.5 billion.
This came after the previous month's 3.9% fall and fell short of experts' expectations for a 0.4% increase.
Exports to North Asian markets contributed to the overall fall in Nodx to Singapore's leading 10 markets in September.
The worst affected market was China, where shipments fell 33.8% in September after declining 18.2% in August. Hong Kong came next, with a 16.7% decline in September, after a 31% decline in August.
However, Taiwan's exports recovered, increasing 10% after declining 24.5% in August.
Nodx to Singapore's other major markets, like Indonesia, the US, and Thailand are still strong.
Exports to the US increased by 8.6% in September, while exports to the EU increased by 3%.
In September, total trade increased by 20.7% year over year to $116.5 billion.
Source credit: https://www.straitstimes.com/business/economy/singapore-non-oil-exports-disappoint-with-31-rise-in-september-electronics-shrink-again
Author : Saipriya Iyer
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