Singapore's December exports growth slows more-than-expected on weaker electronics

Singapore June NODX fall 2.3% on-year due to weak China, Europe demand
Singapore Dec non-oil exports rise 3.1 pct. Reuters

Singapore's non-oil domestic exports (NODX) slowed more-than-expected in December, hurt by drop in electronic shipments.

Non-oil domestic exports (NODX) rose by 3.1 percent over the year in December, slower than the 9.1 percent increase in the previous month, according to the latest monthly data released by the International Enterprise (IE) Singapore on Wednesday.

The slowdown was worse than the 8.7 percent increase predicted by economists in a Reuters poll.

NODX to the top 10 markets as a whole grew in December, although shipments to Hong Kong, Taiwan, China, Thailand and Indonesia declined, the statement said.

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Electronic shipments fell 5.3 percent last month, compared to the 5.1 percent growth in the previous month. ICs, parts of PCs and diodes & transistors declined, and they contributed the most to the decline in electronic domestic exports.

On a seasonally adjusted month-on-month basis, exports contracted 5.0 percent in December after growing a revised 8.6 percent in November.

Total trade rose slightly over the year in December, supported by both export and import growth; pace of growth eased, reflecting the high base a year ago.

Oil domestic exports grew by 19.1 percent last month, after the 31 percent expansion in the preceding month.

This article was first published on January 17, 2018