SINGAPORE: Singapore’s non-oil domestic exports (NODX) contracted for the 10th consecutive month in July, falling by 20.2 per cent, with both electronics and non-electronics seeing a decline.
The drop follows a 15.6 per cent decrease in June and a 14.7 per cent contraction in May.
The latest figure is worse than a Reuters poll forecast of a 14.4 per cent drop.
According to data released by Enterprise Singapore (EnterpriseSG) on Thursday (Aug 17), electronic product exports contracted by 26.1 per cent in July, following a 16 per cent decline in the previous month.
Integrated circuits (ICs), PCs and disk media products contributed the most to the decline, falling by 35.7 per cent, 46.1 per cent and 40.8 per cent respectively.
Non-electronic exports also declined by 18.5 per cent in July, following a 15.6 per cent drop in June.
The biggest declines were in non-monetary gold, specialised machinery and petrochemicals, falling by 80.3 per cent, 17.2 per cent and 22.8 per cent respectively.
“NODX to the top markets as a whole declined in July 2023, though NODX to the United States rose,” said EnterpriseSG.
NODX to the US (34.4 per cent) rose in July but declined for key markets like the European Union (-38.6 per cent), Taiwan (-36 per cent) and China (-20.1 per cent).
On a year-on-year basis, total trade declined by 20.8 per cent in July, following the 19.3 per cent contraction in the previous month.
Both exports and imports fell, by 18.4 per cent and 23.4 per cent respectively.