Singapore non-oil exports fall by 16% in October amid falling demand

17 November 2011 02:15  [Source: ICIS news]

SINGAPORE (ICIS)--Singapore’s non-oil domestic exports (NODX) fell by 16.2% year on year in October, the fourth contraction this year, in line with falling global demand for its electronics products, official data showed on Thursday.

The country’s exports of electronics fell by 31.2% year on year in October, after dropping by 13.6% in September, International Enterprise (IE) Singapore said in its monthly report.

On a month-on-month seasonally adjusted basis, the city-state’s NODX fell by 5.9% year on year in October, the report said.

Singapore’s non-electronics NODX, which include pharmaceuticals and petrochemicals, fell by 6.7% year on year in October, according to IE Singapore.

“The decline in non-electronic NODX was led by ships and boats, specialised machinery and electrical machinery,” the report said.

On a year-on-year basis, Singapore’s NODX to all of the top 10 markets, except China and Indonesia, decreased in October this year, according to IE Singapore.

The country’s domestic exports to the US dropped by 51% year on year in October, while its shipments to the EU fell by 31%, IE Singapore said.

Its shipments to Indonesia grew by 5.3% year on year in October and those to China were up by 3.1%, the report showed.

The city-state’s NODX to emerging markets rose by 38% year on year in October, following the 13% contraction in the previous month.

The increase in Singapore’s NODX to the emerging markets was mainly because of the increased shipments to Cambodia, Laos, Myanmar and Vietnam.

By: Nurluqman Suratman

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