By Ronnie Harui
SINGAPORE–Singapore’s non-oil domestic exports fell for the 11th straight month in August, with shipments of both electronics and non-electronics declining in most of its top 10 markets.
Non-oil domestic exports from the Southeast Asian trading hub in August contracted 20.1% compared with the same period a year earlier, Enterprise Singapore said Monday. That compared with the median estimate of six economists surveyed by The Wall Street Journal for a 15.0% decline. In July, non-oil domestic exports dropped by revised 20.3% on year.
On a month-over-month seasonally adjusted basis, non-oil domestic exports fell 3.8% in August. That compared with the median estimate of five economists in a WSJ survey for a 5.6% increase and a revised contraction of 3.5% in July.
Electronics exports slid 21.1% in August, slowing from the 26.1% contraction in the prior month. Non-electronics exports fell 19.9%, accelerating from the 18.5% decrease in the previous month.
Among the main contributors to August’s contraction in non-electronics domestic exports were structures of ships and boats, which plunged 97.7%, pharmaceuticals, which slumped 37.7%, and specialized machinery, which slid 25.5%, Enterprise Singapore said.
Non-Oil Domestic Exports to Top Markets (% Y/Y) July August U.S. +34.3 -32.4 EU 27 -38.6 -28.9 China -20.1 -16.4 Taiwan -36.0 -31.5 South Korea -36.8 -31.5 Malaysia -24.2 -14.1 Japan -14.7 -10.9 Thailand -17.4 -10.6 Hong Kong -2.8 -5.9 Indonesia +33.2 +11.2
Write to Ronnie Harui at [email protected]
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