Singapore: Exports fall at sharper rate in December
January 19, 2016
In December, non-oil domestic exports (NODX) fell a sharp 7.2% over the same month last year, which was below the 3.4% decrease tallied in November and marked a four-month low. The result undershot the softer 4.4% decline that the markets had expected.
December’s increase reflected deteriorations in five of the country’s top ten export markets, with exports to China, Singapore’s largest export recipient, and South Korea particularly suffering in December. According to International Enterprise (IE) Singapore, December’s result reflected deteriorations in both electronics and non-electronic shipments compared to November. Exports of electronic products in December fell 0.3%, which contrasted the 0.6% growth tallied in the previous month. Meanwhile, non-electronics fell 11.3%, which was much a much sharper drop than the 5.1% decline recorded in November.
On a month-on-month seasonally-adjusted basis, exports fell 3.1% in December, which followed November’s 3.8% decrease.
Author: Eric Denis , Economist