According to Enterprise Singapore, Singapore’s trade promotion agency, the country’s exports of non-oil goods (NODX) fell 15.6% year-on-year in February. This decline was due to a decrease in exports of both electronic and non-electronic products, in line with analysts’ expectations.
However, the decline in February was less than that of January 2023 and December 2022, with a decrease of 5% and 20.6%, respectively, and was in line with the expected decrease of 16%.
After seasonal adjustments, the NODX numbers fell 8% in February, which was stronger than the 0.5% drop expected by analysts, after a 0.9% drop in January 2022.
The shipments of petrochemicals, pharmaceuticals, and disk products led to a 34.2% fall in exports from Singapore to the European Union (EU). Additionally, exports to Hong Kong dropped by 46.4% after exports of integrated circuits (IC), disk products, and iron ore or steel declined.