Singapore’s exports fell for the first time in almost 2 years

Singapore’s domestic non-oil exports (NODX) fell 5.6% in October. This was the first decline in exports in almost 2 years. A decline in exports was last seen in November 2020.

Sales of electronic and non-electronic goods declined in October, according to data released by Enterprise Singapore (ESG) on Thursday (Nov. 17).

Exports to the 10 most important markets decreased overall in October. This was mainly due to China, the EU-27, and Malaysia, but exports to the US, Taiwan, Japan, and South Korea increased.

Compared to the previous month, the NODX decreased by 3.7%, compared to a decrease of 3.9% in the previous month.

The NODX level reaches S$15.9 billion in October, seasonally adjusted. This is lower than the S$16.5 billion in September and last year’s level.

NODX has been declining throughout the year. Most of these declines are in goods such as pharmaceuticals, non-monetary gold, petrochemicals, and electronics.

On a year-over-year basis, the NODX for electronic goods fell 9.3% in October after declining 10.6% the previous month.

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