Singapore non-oil exports post surprise 3.1% drop in October, snapping 4-month rise

SINGAPORE – Singapore’s non-oil domestic exports (Nodx) declined in October, after four months of consecutive growth, due to fewer shipments of non-monetary gold and electronics such as integrated circuits.

According to data from Enterprise Singapore (ESG) on Tuesday (Nov 17), exports shrank 3.1 per cent, after expanding a revisec 5.8 per cent in September.

Month on month and seasonally adjusted, Nodx in October fell 5.3 per cent, less than the previous month’s drop of 11.4 per cent.

Electronics shipments dipped 0.4 per cent, after a 21.4 per cent growth the previous month.

Integrated circuits, other computer peripherals and PC parts fell by 12.8 per cent, 6.9 per cent and 1 per cent respectively, contributing the most to the decline in Nodx.

Shipments of non-electronics also had a poorer performance, dipping 3.9 per cent in October after a 1.7 per cent expansion the previous month.

Exports of non-monetary gold plunged 61 per cent, while petrochemicals and miscellaneous manufactured articles fell 15.3 per cent and 37.3 per cent respectively, contributing the most to the decline in non-electronic Nodx.

Shipments reached $13.1 billion in October, lower than the previous month’s $13.8 billion, on a seasonally adjusted basis.

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