Singapore’s exports continue downward slide with 9.9% tumble in January

Shipments to nearly all top markets dropped.

Singapore’s non-oil domestic exports (NODX) slipped 9.9% year-on-year in January, extending its 7.2% contraction in December.

According to IE Singapore, the drop was on back of a decline in both electronic and non-electronic exports. Shipments to all top markets declined on a year-on-year basis, with the exception of exports to the European Union and Malaysia.

On a year-on-year basis, electronic NODX declined by 0.6% in January 2016, following a 0.3% per cent decrease in the previous month. Meanwhile, non-electronic exports dropped by 13.9% last month, extending the 10.3% decline in the preceding month.

Exports to nearly all top markets dropped, led by China, Taiwan and Hong Kong. NODX to China declined by 25.2% per cent in January, following the previous month’s decrease of 18.7%. Exports to Taiwan dropped 26.5%, while shipments to Hong Kong dropped 9.6%.

Meanwhile, NODX to emerging markets contracted by 19.2% in January, following the 10.0 per cent decrease in the previous month.

On a year-on-year basis, total trade contracted by 14.4% last month following the 8.4% decline in the previous month.