Singapore's Major Exports Down 13.4% in Q2 2023

tendata blogTrade Trends News

ten data blog11-08-2023

singapore export,singapore major export,singapore major exports

Singapore's Non-Oil Domestic Exports (NODX) declined by 13.4% in the second quarter of 2023, with declines in both electronics and non-electronics.

This decline followed a 16.1% contraction in the first quarter of 2023.

Electronics exports contracted 22.1% in the second quarter of 2023, according to data released Friday (Aug. 11) by Enterprise Singapore (EnterpriseSG).

They fell 25.2 percent in the previous quarter.

Integrated circuits, personal computers and personal computer parts and components saw the biggest declines, down 31.4 percent, 38.2 percent and 45.9 percent, respectively.

Domestic non-electronic exports declined 10.7 percent in the second quarter of 2023, after contracting 13.6 percent in the previous quarter.

The largest declines were in the petrochemicals, primary chemicals and specialized machinery sectors, which fell 30.1%, 54.1% and 10.7%, respectively.

EnterpriseSG said, "The overall decline in NODX to key markets in the second quarter of 2023 was mainly due to declines in Malaysia, Taiwan and Indonesia."

The largest contributors to the decline in NODX were the major markets of Malaysia (-30.6%), Taiwan (-21.2%) and Indonesia (-28.7%).

Year-over-year, total merchandise trade and NODX continued to decline in the second quarter of 2023.

"NODX declined by double digits year-on-year for the third consecutive quarter; electronics, in particular, declined year-on-year for the fourth consecutive quarter amid the global electronics industry downturn," EnterpriseSG said.

"As a result of the year-on-year price decline, oil trade fell by 30.9% in Q2 2023, accounting for one-third of the decline in total trade, while oil trade growth was flat (0.0%) in Q1 2023."

It added that the outlook for external demand for the remainder of 2023 remains weak.

Most of Singapore's major trading partners, with the exception of China and Japan, are also expected to see slower growth in 2023.

EnterpriseSG said, "The forecast for total merchandise trade growth in 2023 has been revised down to '-10.0% to -9.0%', while the NODX 2023 growth forecast has narrowed to '-10.0% to -9.0% '."

Total trade in services declined 1.9% year-on-year in the second quarter of 2023, compared with growth of 1.9% in the previous quarter.

Exports and imports of services fell 2.5% and 1.1%, respectively.

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Other Trade Data References to Asia Exports:

1. China's Imports and Exports Slumped Again in July

2. China's Exports Fall More Than Expected: Weakened by De-risking, Repatriation Measures

3. EU Trade Presidency Urges China to Tackle Export Barriers

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