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.