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Singapore’s trade slump likely to persist till year-end as key exports fall a surprising 20.1% in August

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Tessa Oh

Tessa Oh

Published Mon, Sep 18, 2023 · 08:30 AM
    • August’s print extends the previous month’s revised 20.3 per cent decline, and surpasses the median 17.1 per cent drop expected by private-sector economists, according to a Bloomberg poll.
    • August’s print extends the previous month’s revised 20.3 per cent decline, and surpasses the median 17.1 per cent drop expected by private-sector economists, according to a Bloomberg poll. PHOTO: BT FILE

    SINGAPORE’S non-oil domestic exports (NODX) slid a surprising 20.1 per cent in August, dragged down by electronics shipments that continued to contract for the 13th consecutive month, data from Enterprise Singapore (EnterpriseSG) showed on Monday (Sep 18).

    August’s print extended the previous month’s revised 20.3 per cent decline, and surpassed the median 17.1 per cent drop which private-sector economists were expecting, according to a Bloomberg poll. Both electronics and non-electronics exports continued to decline on a year-on-year basis.

    The latest data suggests that the electronics slump has yet to bottom out, said private-sector economists, who believe external demand will remain weak and patchy until the end of the year.

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