Latest export figures released by Enterprise Singapore (ESG) showed the nation’s non-oil domestic exports (NODX) fell by 14.6 percent year on year in November from a high base a year ago.
This marks the second straight month of decline following the 6.1 percent decrease in October, after nearly two years of growth.
According to the data both electronics and non-electronics decreased in November.
On a year-on-year basis, electronics contracted by 20.2 percent in November, following the 9.3 percent decline in the previous month.
Integrated circuits, disk media products, and personal computer parts decreased by 23.8 percent, 59.8 percent, and 27.5 percent respectively, contributing the most to the decline in electronics.
On a year-on-year basis, non-electronics declined by 12.8 percent in November, following the 5.1 percent decrease in the previous month.
Non-monetary gold, primary chemicals, and pharmaceuticals contributed the most to the decline in non-electronics.
On a seasonally adjusted basis, the level of NODX reached S$14.3 billion in November 2022. This was lower than S$15.8 billion in the previous month and the levels a year ago.
Exports to the top 10 markets as a whole declined in November, with Hong Kong, China, and Malaysia being the largest contributors to the drop.
Exports to Hong Kong saw a decline of 41 percent in November, following the 9.1 percent drop in the previous month. This was due to integrated circuits, specialised machinery, and disk media products.
China was the second worst-hit market, with exports dropping by 31.2 percent compared to 34.4 percent in the previous month. This was due to primary chemicals, specialised machinery, and petrochemicals.
Exports to Malaysia declined by 12.9 percent, after the 16.1 percent decrease in the previous month due to primary chemicals, non-monetary gold, and petrochemicals.
But exports to the 27 European Union countries, Japan, and the United States increased by 7.3 percent, 6.6 percent, and 0.5 percent respectively in November.
On a year-on-year basis, total trade decreased by 2.2 percent in November, following the 8.4 per cent growth in the previous month.
