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Singapore Exports Excluding Oil Continue 11-Month Consecutive Decline, Falling Over 20% in August

Singapore’s export sector faced another challenging month in August as exports of domestically produced general goods, excluding oil (NODX), registered a significant year-on-year decline of 20.1%. This marks the 11th consecutive month of decline, signaling ongoing pressures in the country’s export market.

The downward trend in NODX volumes persisted, with July already witnessing a 20.3% year-on-year drop, and June experiencing a 15.7% decline. Data released by Enterprise Singapore (EnterpriseSG) further reveals that electronic product exports fell by 21.1% in August, following a 26.1% decline in July. Within the electronics category, integrated circuits (IC) declined by 28.5%, disk media products by 30.6%, and PC products by 25.6%.

Non-electronic product exports faced a similar fate, declining by 19.9% in August, following an 18.5% drop in July. Among non-electronic exports, several categories saw notable declines, with ship and boat structures plummeting by 97.7%, medical supplies by 37.7%, and specialized machinery by 25.5%.

EnterpriseSG’s analysis also revealed that NODX volumes to key markets experienced a decrease in August. However, NODX to Indonesia bucked the trend by increasing, while exports to other significant markets reported substantial declines. Notably, NODX to the United States decreased by 32.4%, to the European Union by 28.9%, and to China by 16.4%.

The overall trade performance of Singapore in August reflected the challenging environment, with a year-on-year decrease of 15.2%. This followed a 20.9% decline in July. These figures underscore the persistent headwinds facing Singapore’s trade sector, driven by a combination of global economic uncertainties and disruptions caused by the ongoing pandemic.

The extended period of decline in NODX emphasizes the need for resilience and adaptability in Singapore’s export-oriented economy. As the country navigates these challenging conditions, stakeholders are closely monitoring the economic landscape and exploring strategies to revitalize the export sector. The trajectory of Singapore’s exports in the coming months will be crucial in assessing the broader economic recovery and the effectiveness of policy measures to support trade.

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