Singapore exports fall in September 4.8%
September’s reading resulted from contractions in seven out of the country’s top ten export markets — all except South Korea, Hong Kong and the EU.
It reflected a sharper contraction in shipments of electronic NODX and a swing from expansion to contraction in exports of non-electronic products.
Exports of electronic products shrank 6.6%, which followed the 6.0% contraction seen in the previous month. Meanwhile, non-electronic exports decreased 4.0%, which contrasted August’s 2.7% growth.
On a month-on-month seasonally-adjusted basis, exports expanded 2.4% in September, which contrasted August’s 1.9% drop.
FocusEconomics Consensus Forecast panelists see overall nominal exports falling 6.2% in 2016, which would bring exports to a total of $354 billion.
For 2017, the panel foresees exports growing 3.6% and reaching a total of $366 billion by the end of the year. ■