Singapore’s non-oil domestic exports( NODX ) contracted for the twelfth consecutive month in September, falling & nbsp, 13.2 %, with both electronics and nonsemics experiencing a decline.
This comes after a revised & nbsp of 22.5 percent decrease in August and 20.3 percent decline in July.
Data from Enterprise Singapore ( EnterpriseSG ) released on Tuesday, October 17, shows that after contracting by 21.1 % the month before, electronics decreased at a slower rate of 11.6 percent year over year in September.
The most significant contributors to this were integrated circuits, personal computers, and components of personal machines, which decreased by 16.2 percent, 33.2 %, or 38.9 %, respectively.
Exports of non-electronic products also decreased, falling 13.6 % in September as opposed to 22.9 % in the previous month.
The biggest declines were seen in non-monetary gold, pharmaceuticals, and food preparations; they decreased by 59.6 %, 31.2 percent, or 40 %, respectively.
While NODX increased in China, Hong Kong, and the US, it decreased overall for the best areas. & nbsp,
The three countries that contributed the most to the decline in September exports were Taiwan( 34.9 %), Indonesia( 45.2 %), and Malaysia( 19.8 %).
On a year-over-year basis, total trade decreased by 12.3 % in September, down from the 15.5 % decline the previous month.
Exports and imports both decreased, by 12.7 percent and 11.8 percent, both.
But, seasonally adjusted complete trade increased throughout the month. It increased by 4.2 % in September, which is an improvement over the 1.1 % gain in August. & nbsp,
Singapore’s development projection for 2023 was reduced in August and nbsp.
According to the Ministry of Trade and Industry( MTI ), the nation’s gross domestic product for the year is anticipated to range from 0.5 to 1.5 percent, narrowing from the previous range of 0.5 % to 2.5 percent.
The Monetary Authority of Singapore( MAS ) declared last week that it would maintain its monetary policy based on exchange rates.
Additionally, it stated that Singapore’s economic growth is anticipated to gradually increase over the course of 2024, though it issued a warning that, given the unpredictability of the worldwide economic perspective, recovery may be slower than anticipated.