SINGAPORE (ICIS)--Singapore’s non-oil domestic exports (NODX) in November declined 8.8% year on year, with contractions recorded in shipments to seven out of 10 major destinations during the month, official data released on Tuesday showed.
“The top three contributors to the NODX decline in November 2013 were the EU 27, Hong Kong and South Korea,” International Exchange (IE) Singapore said in a statement.
On a month-on-month basis, the city-state’s NODX shrank 9.3% in November to Singapore dollars (S$) 13.2bn ($10.6bn), compared with $14.6bn recorded in October, the data showed.
Singapore’s total trade November slipped 1.1% year on year, following a 7.9% growth in October, with growth in total exports slowing down to 1% from an 11.2% pace in the previous month, according to IE Singapore.
Meanwhile, Singapore’s November oil domestic exports dipped 1.5% year on year as sales to both China and to Vietnam declined 43.9%, while sales to the EU 27 contracted 12.6%, it said.
In terms of volume, oil domestic exports for the month were down 0.8% compared with a 6.4% expansion in October.
($1 = S$1.25)