- Wednesday, October 16, 2024
Singapore's non-oil domestic exports recorded a smaller contraction in October compared to the previous month, exceeding economists' expectations.
According to Enterprise Singapore, non-oil domestic exports in October fell by 3.4% compared to the same period last year. This decline was significantly milder than September's 13.2% drop and the forecasted decline of 6.1% by economists surveyed by The Wall Street Journal.
On a month-over-month seasonally adjusted basis, non-oil domestic exports saw a 3.4% increase in October following an 11.1% expansion in the previous month.
Both electronics and non-electronics exports experienced less severe declines, although still from a low base. Electronics exports fell by 5.6% year-on-year in October compared to the 11.6% contraction in September. Non-electronics products also saw a slower decline of 2.7% compared to the previous month's 13.7% drop.
While non-oil domestic exports to Singapore's top markets declined overall in October, there were positive developments in shipments to China, the European Union, Thailand, and Hong Kong, according to Enterprise Singapore.
Non-Oil Domestic Exports to Top Markets (Year-on-Year Percentage Change):
- China: 38.5%
- Indonesia: -10.5%
- EU: 5.9%
- Taiwan: -43.7%
- Thailand: 5.3%
- Malaysia: -6.3%
- Japan: -5.5%
- Hong Kong: 2.2%
- South Korea: -14.7%
- USA: -13.8%
It is evident that Singapore's non-oil domestic exports faced a slower decline in October, offering some relief amid challenging economic conditions.
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