Singapore’s exports down 0.5% in October

Due to lower electronic exports.

Singapore’s non-oil domestic exports (NODX) dropped 0.5% year-on-year in October, reversing the mild 0.3% growth booked in September.

According to IE Singapore, the decline was due to a contraction in electronic exports. Electronic shipments slipped by 3.2% in October, a steep drop when compared to the 5.7% increase in September.

Meanwhile, non-electronic NODX grew by 0.7% in October, in contrast to the 1.9% decline in the previous month. The expansion in non-electronic exports was led by a surge in pharmaceuticals, non-electric engines & motors and aircraft parts.

On a year-on-year basis, NODX to all of the top 10 export markets contracted in October, except for Japan, the EU 28 and Hong Kong. The top contributors to the NODX decline in October 2015 were China, Taiwan and South Korea.