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Singapore exports fall in September 4.8%

Staff Writer | October 18, 2016
In September, non-oil domestic exports (NODX) from Singapore dropped 4.8% from the same month last year, deteriorating from August’s flat result.
Asia   Contractions in seven out of top ten export markets
September’s reading resulted from contractions in seven out of the country’s top ten export markets — all except South Korea, Hong Kong and the EU.

It reflected a sharper contraction in shipments of electronic NODX and a swing from expansion to contraction in exports of non-electronic products.

Exports of electronic products shrank 6.6%, which followed the 6.0% contraction seen in the previous month. Meanwhile, non-electronic exports decreased 4.0%, which contrasted August’s 2.7% growth.

On a month-on-month seasonally-adjusted basis, exports expanded 2.4% in September, which contrasted August’s 1.9% drop.

FocusEconomics Consensus Forecast panelists see overall nominal exports falling 6.2% in 2016, which would bring exports to a total of $354 billion.

For 2017, the panel foresees exports growing 3.6% and reaching a total of $366 billion by the end of the year.