SINGAPORE: Exports in Singapore slumped further in October, falling 12 per cent following a 5 per cent decline the previous month, according to figures released by International Enterprise (IE) Singapore on Thursday (Nov 17). Non-oil domestic exports (NODX) were hit by a decline in both electronic and non-electronic exports, the trade agency said.
Electronic shipments fell 6 per cent, following a 6.6 per cent decline the previous month. The contraction was largely due to ICs (-5.1 per cent), disk drives (-47.7 per cent) and telecommunications equipment (-19.9 per cent). Non-electronic exports plunged 14.6 per cent, after a 4.2 per cent contraction the previous month. The decline was led by pharmaceuticals (-47 per cent), petrochemicals (-7 per cent) and civil engineering equipment parts (-40.7 per cent), IE Singapore said.
Overall, shipments to the majority of Singapore’s top 10 markets fell, with the European Union, Japan and Indonesia leading the decline. Bucking the trend were exports to Taiwan, Hong Kong and South Korea, which rose between 1 per cent and 19.4 per cent. Non-oil re-exports (NORX) declined 8.9 per cent last month, compared to the 1.2 per cent growth in September, with declines in both electronic and non-electronic re-exports.
