Singapore'S Key Exports Down 20.2%; 10th Consecutive Month Of Decline

tendata blogTrade Trends News

ten data blog18-08-2023

singapore export,singapore export down,singapore export decline



Singapore's non-oil domestic exports (NODX) contracted for the 10th consecutive month in July, falling 20.2%, with declines in both electronics and non-electronics.


The decline followed a 15.6% drop in June and a 14.7% contraction in May.


The latest figure was worse than the 14.4% decline predicted by a Reuters poll.


Data released by Singapore's Enterprise Development Board (EnterpriseSG) on Thursday (August 17) showed that exports of electronic products shrank by 26.1% in July, following a 16% drop in the previous month.


Integrated circuits (ICs), personal computers and disk media products saw the biggest declines, falling 35.7%, 46.1% and 40.8% respectively.


Exports of non-electronic products also fell by 18.5% in July, following a 15.6% decline in June.


The biggest declines were in non-monetary gold, specialized machinery and petrochemicals, which fell 80.3%, 17.2% and 22.8% respectively.


The latest figures were worse than the 14.4% drop predicted by a Reuters poll.


Data released by Singapore's Enterprise Development Board (EnterpriseSG) on Thursday (Aug. 17) showed electronics exports shrank 26.1 percent in July, following a 16 percent drop the previous month.


Integrated circuits (ICs), personal computers and disk media products saw the biggest declines, falling 35.7%, 46.1% and 40.8% respectively.


Exports of non-electronic products also fell by 18.5% in July, following a 15.6% decline in June.


The biggest declines were in non-monetary gold, specialized machinery and petrochemicals, which fell by 80.3%, 17.2% and 22.8% respectively.


Exports and imports both fell, by 18.4% and 23.4% respectively.


Last week, Singapore lowered its growth forecast for 2023. Gross Domestic Product (GDP) grew by a seasonally adjusted 0.1% YoY in the second quarter, narrowly avoiding a technical recession.


The trade ministry narrowed its GDP growth forecast for this year to 0.5% to 1.5% from 0.5% to 2.5% previously.



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