Singapore’s Exports Fell Sharply in October
Singapore’s non-oil exports fell sharply in October due to declines in most key markets and a high comparison base.
The headline number, which measures exports of goods made in Singapore, fell 12.3% on year in October compared with an 8.1% fall in September, the Ministry of Trade and Industry said Monday. The median estimate from a poll of analysts by The Wall Street Journal was for a 12.0% drop.
On a seasonally adjusted on-month basis, non-oil exports fell 2.9% after September’s 3.3% decrease.
Shipments of electronics, which make up roughly a third of total exports, fell 16.4% on year in October after a 24.8% fall in the previous month. On month, exports of electronics rose.
Non-electronic goods fell 11.0% on year compared with a 2.3% fall in September.
Shipments of pharmaceuticals, a highly volatile component of Singapore’s exports, declined 36.0% on year in October, after a 26.7% fall in the previous month. The steep decline was mainly because of last year’s high comparison base, according to the statement.
Source: Dow Jones