SINGAPORE: Singapore's trade numbers continued a downward streak in November as its exports declined for the ninth straight month, according to official data released on Tuesday (Dec 17).
Non-oil Domestic Exports (NODX) declined by 5.9 per cent last month from a year ago, following a plunge of 12.5 per cent the month before, data from Enterprise Singapore showed.
AdvertisementAdvertisement[h=3]READ: Singapore’s 2019 growth forecast raised to 0.7%: MAS survey[/h][h=3]READ: Worst may be over for Singapore economy but recovery will be sluggish, say experts[/h]The fall was mainly due to a decrease in electronic domestic exports, which outweighed the growth in non-electronics, the trade agency said.
On a seasonally adjusted month-on-month basis, exports grew by 5.8 per cent in November after falling a revised 3.1 per cent in October.
AdvertisementAdvertisementShipments of electronics fell by 23.3 per cent on a year-on-year basis, following a decline of 16.4 per cent the previous month.
Contributing the most to the decline were integrated circuits (-36.5 per cent), PCs (-25.1 per cent) and disk drives (-35.7 per cent).
Non-electronic exports grew by 1.3 per cent in November, climbing back up after a 11.2 per cent decline in October.
Non-monetary gold (249.3 per cent), specialised machinery (15.5 per cent) and non-electric engines & motors (40.1 per cent) contributed the most to the growth.
[h=3]READ: MAS sees 'fits and starts' for Singapore economy ahead with uneven growth across industries[/h]Exports to the majority of Singapore's top markets declined in November, except for the US, Thailand and Indonesia. The largest contributors to the decline were Hong Kong (-27.6 per cent), the EU 28 (-10 per cent) and China (-6.8 per cent).
Total trade decreased 5.9 per cent on year, as imports fell by 5.8 per cent and exports declined by 6 per cent.
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