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SINGAPORE: Singapore’s national non-oil exports (NODX) fell 4.9 percent year-on-year in November, official data from Enterprise Singapore showed on Thursday (December 17).
The decline, which comes after a 3.1 percent decline in October, was primarily due to non-electronic products such as petrochemicals, pharmaceuticals and non-cash gold, followed by electronics.
On a seasonally adjusted monthly basis, exports increased 3.8 percent in November, after falling 5.4 percent the previous month. Both electronic and non-electronic national exports grew.
Total trade fell 8.7 percent in November on a year-over-year basis, following a 9 percent decline in the previous month. This was mainly due to oil trade, which continued to decline amid lower oil prices compared to a year ago, following the October contraction.
Total exports were down 8 percent in November, after falling 8.7 percent in October. Total imports also contracted 9.4 percent in November, following a 9.3 percent decline in October.
On a seasonally adjusted month-over-month basis, total trade grew 3.7 percent in November, following a 3.4 percent decline the previous month.
Total exports also grew 3 percent in November after a 1.6 percent decline in October, while total imports increased 4.5 percent after a 5.2 percent decline.
DECREASE IN SHIPPING OF ELECTRONIC PRODUCTS
Electronics shipments fell 3.8% year-on-year in November, following a 0.5% decline the previous month. Integrated circuits, disk media products and personal computer parts contributed the most to the decline, falling 7.9%, 9.7% and 12.1%, respectively.
Non-electronic shipments fell 5.2 percent in November, after falling 4 percent in October. The decrease in exports of petrochemical products, which decreased by 18.5%, was an important factor, followed by pharmaceutical products (-13.4%) and non-monetary gold (-15.1%).
Exports to major markets as a whole declined in November, although exports to the United States, Japan, Taiwan, Malaysia, Thailand and Hong Kong increased.
China, the European Union and Indonesia were the biggest contributors to the drop in exports, official data showed.
Shipments to China fell 18.4 percent, after 5 percent growth the previous month. This was led by non-monetary gold (-98.2 percent), petrochemicals (-25.5 percent) and integrated circuits (-17.9 percent).
Exports to the EU contracted by 24.6 percent following a 0.8 percent increase in October. This was led by pharmaceutical products (-50.2%), food preparations (-96.3%) and electrical machinery (-53.0%).
Shipments to Indonesia also contracted 10.9 percent in November, following a 10.7 percent decline the previous month. This was due to petrochemical products (-31.6%), other chemical specialties (-45.2%) and non-electric motors and motors (-99.3%).
