Singapore's non-oil domestic exports fell by 16.3% in Dec ‘12

17 January 2013 03:51  [Source: ICIS news]

SINGAPORE (ICIS)--Singapore’s non-oil domestic exports (NODX) fell by 16.3% year on year in December last year, because of a decline in both electronic and non-electronic exports, according to official data released on Thursday showed.

The contraction in the country’s total NODX in December followed a 2.6% year-on-year decrease in the previous month, International Enterprise (IE) Singapore said in its monthly report.

Electronic NODX fell by 19.1% in December from the same period a year ago, while non-electronic NODX contracted by 14.8%, the IE data showed.

“The decrease in non-electronic NODX was led by structures of ships and boats, pharmaceuticals and specialised machinery,” IE said.

On a year-on-year basis, NODX to all of Singapore’s top 10 export markets contracted in December 2012. The US, Malaysia and South Korea were the three major contributors to the decline, according to IE.

Similarly, Singapore’s NODX to emerging markets declined by 43.1% year on year in December 2012. This is a reversal from the 6.8% expansion in the previous month.

NODX to the emerging markets fell largely because of Latin America, south Asia, Cambodia, Laos, Myanmar and Vietnam, data showed.

Singapore’s total exports declined by 13.8% in December from a year earlier, following the previous month’s 2.8% contraction, IE said.

Total imports decreased by 1.5% in December, compared with the 4.5% decline in the preceding month, IE added.

By: Surinder Malhi
+65 6780 4327

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