Singapore’s non-oil domestic exports (NODX) continued its downward trajectory in September, marking the 12th straight month of decline. Both electronics and non-electronics shipments saw a decrease across most of Singapore’s top 10 markets.
According to Enterprise Singapore, NODX contracted by 13.2% in September compared to the same period last year, slightly surpassing the median estimate of eight economists surveyed by The Wall Street Journal, which predicted a 12.7% decline. In August, NODX had dropped by a revised 22.5% year on year.
On a month-over-month seasonally adjusted basis, NODX showed improvement, with a 11.1% increase in September. This presented an improvement over the revised contraction of 6.6% in August.
The decline in September was driven by a slide in electronics exports by 11.6%, although it was a slowdown from the previous month’s contraction of 21.1%. Non-electronics exports also fell, declining by 13.6% in September, decelerating from the revised 22.9% contraction seen in the prior month.
Enterprise Singapore identified non-monetary gold as one of the main contributors to the contraction in non-electronics domestic exports, plummeting by 59.6%. Pharmaceuticals also dropped by 31.2%, while food preparations slumped by 40.0%.
Here is a breakdown of the year-on-year change in NODX to Singapore’s top markets for August and September:
- Taiwan: -34.9% (September) / -31.5% (August)
- Indonesia: -45.2% (September) / -27.9% (August)
- Malaysia: -19.8% (September) / -14.1% (August)
- Japan: -27.2% (September) / -10.9% (August)
- South Korea: -29.2% (September) / -31.5% (August)
- Thailand: -29.8% (September) / -10.6% (August)
- EU 27: -9.2% (September) / -29.0% (August)
- U.S.: +9.7% (September) / -32.4% (August)
- Hong Kong: +55.0% (September) / -5.9% (August)
- China: +26.2% (September) / -19.3% (August)