Singapore non-oil exports sink 12.3% in October; worse than expected

SINGAPORE'S non-oil domestic exports (NODX) fell for an eighth straight month in October, posting a 12.3 per cent year-on-year drop, according to figures released by Enterprise Singapore.

A high base a year ago in non-electronics shipments, especially pharmaceuticals, put the decline back in double-digit decline territory after the NODX slipped 8.1 per cent in September, reversing three consecutive months of easing.

The drop was bigger than an expected 11 per cent fall from a year ago, according to a Bloomberg consensus poll, and lowest since June's 17.4 per cent decline.

Month on month, the fall eased from a seasonally adjusted 3.3 per cent decrease in September to 2.9 per cent last month. Non-oil re-exports also fell less sharply at 2.3 per cent year on year, following a 2.9 per cent decline in September.

Except for Taiwan, NODX shipments to all top 10 markets headed south last month, with Japan (-39.5 per cent), the European Union (-13.2 per cent) and the US (-10.5 per cent) the biggest contributors to October's drop.

Non-electronics NODX sank 11 per cent year on year, up sharply from a 2.3 per cent dip in September, dragged down by a high base. Pharmaceuticals shipments plunged 36 per cent, while petrochemicals went down 19.2 per cent and primary chemicals tumbled 47.3 per cent.

Electronics NODX fell 16.4 per cent in October, easing from a 24.8 per cent contraction in September. Integrated circuits, personal computers and telecommunications equipment declined 17.2, 31.3 and 15.7 per cent respectively, contributing to most of electronics NODX's decline.

Total trade last month decreased 9.7 per cent, extending the 5.0 per cent fall in September. Total imports dropped 10.3 per cent, while exports slipped 9.2 per cent.