- Wednesday, October 16, 2024
Singapore's non-oil domestic exports registered their 11th consecutive monthly decline in August, with both electronics and non-electronics shipments falling in most of its top 10 markets.
According to data released by Enterprise Singapore on Monday, non-oil domestic exports contracted by 20.1% in August compared to the same period last year. This figure exceeded the median estimate of a 15.0% decline based on a survey conducted by The Wall Street Journal. In July, non-oil domestic exports experienced a revised decline of 20.3%.
On a month-over-month seasonally adjusted basis, non-oil domestic exports fell by 3.8% in August, contrary to the median estimate of a 5.6% increase provided by economists surveyed by the WSJ. July saw a revised contraction of 3.5%.
The decline in August can be attributed to the 21.1% decrease in electronics exports, which was slower than the 26.1% contraction observed in the previous month. Similarly, non-electronics exports experienced a fall of 19.9%, accelerating from the 18.5% decrease recorded in the previous month.
Enterprise Singapore highlighted that structures of ships and boats contributed significantly to the contraction in non-electronics domestic exports, plunging by 97.7%. Additionally, pharmaceuticals slumped by 37.7%, and specialized machinery slid by 25.5%.
Here is a breakdown of the year-on-year change in non-oil domestic exports to top markets in July and August:
- U.S.: -32.4%
- EU 27: -28.9%
- China: -16.4%
- Taiwan: -31.5%
- South Korea: -31.5%
- Malaysia: -14.1%
- Japan: -10.9%
- Thailand: -10.6%
- Hong Kong: -5.9%
- Indonesia: +11.2%
These figures indicate the challenging situation faced by Singapore's non-oil domestic exports across various markets.
In conclusion, Singapore's non-oil domestic exports continue to face significant headwinds, with both electronics and non-electronics sectors struggling. The decline observed in August highlights the need for decisive measures to boost these exports and stimulate economic growth.
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