Singapore exports fall for 12th month in September but restoration seen

Singapore exports fall for 12th month in September but restoration seen


Containers are loaded on the premises of the port operator PSA, the Port of Singapore Authority (PSA), at the Port of Singapore on 14 June 2022.

Bernd von Jutrczenka | Image Alliance | Getty Illustrations or photos

Singapore’s exports fell for a 12th straight month in September on a 12 months-on-calendar year basis as the trade-reliant economic system grappled yet again with global headwinds on inflation and declining demand from customers.

Singapore’s non-oil domestic exports, or NODX, fell 13.2% in September from the same month a calendar year before, data on Tuesday showed, as both digital and non-electronic exports to its top rated 10 markets declined.

Last month’s fall compared with a Reuters poll forecast of a 14.7% drop, and prolonged the 22.5% contraction seen in August.

There were, however, some “green shoots” in some marketplaces, explained OCBC economist Selena Ling, introducing that September’s data instructed some stabilization.

Non-oil shipments to China grew 26.2%. Non-oil exports to Hong Kong also grew 55%, and to the U.S. by 9.7%.

On a month-on-month seasonally modified foundation, NODX grew by 11.1% in September, following decreasing 6.6% in August.

Maybank economist Chua Hak Bin explained the month-on-month seasonally altered numbers are sturdy, and along with growing exports to China, Hong Kong and the U.S., “indicates a modest recovery may be underway likely into 2024.”

The biggest decrease in non-oil shipments was to Indonesia, which contracted 45.2% calendar year-on-year, with lower exports of non-monetary gold, petrochemicals and ready additive for mineral oils.



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