SINGAPORE: Singapore’s non-oil domestic exports( NODX ) decreased for the 11th consecutive month in August, falling by 20.1 %, with a decline in both electronics and nonelectronics.
The decline comes after a revised 20.3 percent drop in July and 5.7 percent recession in June. The decline in August is worse than the 15.8 % decrease predicted by a Reuters crown.
Electronic product exports decreased by 21.1 percent in August, following a 26.1 percent decline in the previous month, according to data released by Enterprise Singapore ( EnterpriseSG ) on Monday( Sep 18 ). & nbsp,
The decline was primarily caused by integrated circuits( ICs ), disk media products, and PCs, which each experienced declines of 28.5 %, 30.6 %, or 25.6 %, respectively.
Non-electronic exports decreased by 19.9 % in August and by 18.5 % in July.
The biggest declines were in the building of ships and boats, pharmaceuticals, and specialized machinery, where they each fell by 97.7 %, 37.3 %, or 25.5 %, respectively.
According to EnterpriseSG, NODX to the major markets as a whole decreased in August, despite increasing in Indonesia. & nbsp,
The US( 32.4 %), the EU(- 28.9 %), and China( 16.4 %) were the biggest contributors to the decline in NODX. NODX to Indonesia increased by 33.2 %.
Following the 20.9 percent contraction in the previous month, total trade decreased by 15.2 % year over year in August. & nbsp,
Exports and imports both decreased, by 14.7 % and 15.6 %, respectively.
Singapore’s growth projection for 2023 was narrowed last month, & nbsp. According to & nbsp, 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.
MTI stated in its quarterly assessment that it anticipates a” poor” physical need outlook for the remainder of the year.
Private sector economists & nbsp reduced their forecast for Singapore’s economic growth this year to 1 % earlier this month, down from their earlier projection of 1.4 percent in June.
Singapore’s business will not experience a recession this month, according to Prime Minister Lee Hsien Loong on September 7; however, uncertainty persists for 2024.