Singapore’s exports fell for a 12th straight month in September on a year-on-year basis as the trade-reliant economy grappled again with global headwinds on inflation and declining demand.
Singapore’s non-oil domestic exports fell 13.2 percent in September from the same month a year earlier, data on Tuesday showed, as both electronic and non-electronic exports to its top 10 markets declined.
Last month’s fall compared with a Reuters poll forecast of a 14.7 percent drop, and extended the 22.5 percent contraction seen in August.
There were, however, some “green shoots” in some markets, said OCBC economist Selena Ling, adding that September’s data suggested some stabilisation.
Non-oil shipments to China grew 26.2 percent. Non-oil exports to Hong Kong also grew 55 percent, and to the US by 9.7 percent.
Reuters
On a month-on-month seasonally adjusted basis, non-oil domestic exports grew by 11.1 percent in September, after decreasing 6.6 percent in August.
Maybank economist Chua Hak Bin said the month-on-month seasonally adjusted numbers are strong, and alongside growing exports to China, Hong Kong, and the US “suggests a modest recovery may be underway going into 2024”.
The biggest decline in non-oil shipments was to Indonesia, which contracted 45.2 percent year-on-year, with lower exports of non-monetary gold, petrochemicals, and prepared additives for mineral oils.
