Singapore’s non-oil domestic exports (NODX) contracted for the 10th consecutive month in July, falling by 20.2 percent, with both electronics and non-electronics seeing a decline.
The drop follows a 15.6 percent decrease in June and a 14.7 percent contraction in May.
The latest figure is worse than a Reuters poll forecast of a 14.4 percent drop.
According to data released by Enterprise Singapore (EnterpriseSG) on Thursday (Aug 17), electronic product exports contracted by 26.1 percent in July, following a 16 per cent decline in the previous month.
Integrated circuits (ICs), PCs, and disk media products contributed the most to the decline, falling by 35.7 percent, 46.1 percent, and 40.8 percent respectively.
Non-electronic exports also declined by 18.5 percent in July, following a 15.6 percent drop in June.
The biggest declines were in non-monetary gold, specialised machinery, and petrochemicals, falling by 80.3 percent, 17.2 percent, and 22.8 percent respectively.
“NODX to the top markets as a whole declined in July 2023, though NODX to the United States rose,” said EnterpriseSG.
NODX to the US (34.4 percent) rose in July but declined for key markets like the European Union (-38.6 percent), Taiwan (-36 percent), and China (-20.1 percent).
On a year-on-year basis, total trade declined by 20.8 percent in July, following the 19.3 percent contraction in the previous month.
Both exports and imports fell, by 18.4 percent and 23.4 percent respectively.
-CNA
