Singapore’s non-oil exports fall 14.6% in November; second straight month of decline

Singapore's non-oil exports fall 14.6% in November; second straight month of decline
A container ship docked at Pasir Panjang Terminal in Singapore on Oct 14, 2021. (File photo: AFP/Roslan Rahman)

SINGAPORE: Singapore’s non-oil domestic exports (NODX) fell by 14.6 per cent year on year in November from a high base a year ago.

This marks this the second straight month of decline following the 6.1 per cent decrease in October, after nearly two years of growth.

According to data released by Enterprise Singapore (ESG) on Friday (Dec 16), both electronics and non-electronics decreased in November.

On a year-on-year basis, electronics contracted by 20.2 per cent in November, following the 9.3 per cent decline in the previous month.

Integrated circuits, disk media products and personal computer parts decreased by 23.8 per cent, 59.8 per cent and 27.5 per cent respectively, contributing the most to the decline in electronics.

On a year-on-year basis, non-electronics declined by 12.8 per cent in November, following the 5.1 per cent decrease in the previous month.

Non-monetary gold, primary chemicals and pharmaceuticals contributed the most to the decline in non-electronics.

On a seasonally adjusted basis, the level of NODX reached S$14.3 billion in November 2022. This was lower than S$15.8 billion in the previous month and the levels a year ago.

Exports to the top 10 markets as a whole declined in November, with Hong Kong, China and Malaysia being the largest contributors to the drop.

Exports to Hong Kong saw a decline of 41 per cent in November, following the 9.1 per cent drop in the previous month. This was due to integrated circuits, specialised machinery and disk media products.

China was the second worst-hit market, with exports dropping by 31.2 per cent compared to 34.4 per cent in the previous month. This was due to primary chemicals, specialised machinery and petrochemicals.

Exports to Malaysia declined by 12.9 per cent, after the 16.1 per cent decrease in the previous month due to primary chemicals, non-monetary gold and petrochemicals.

But exports to the 27 European Union countries, Japan and the United States increased by 7.3 per cent, 6.6 per cent and 0.5 per cent respectively in November.

On a year-on-year basis, total trade decreased by 2.2 per cent in November, following the 8.4 per cent growth in the previous month.

Source: CNA/rc(sn)