Singapore non-oil exports sink 12.3% in October; worse than expected

SINGAPORE'S non-oil domestic exports fell for an eighth straight month in October, posting a 12.3 per cent year-on-year drop, according to figures released by Enterprise Singapore.SINGAPORE'S non-oil domestic exports fell for an eighth straight month in October, posting a 12.3 per cent year-on-year drop, according to figures released by Enterprise Singapore.

A high base a year ago in non-electronics shipments, especially pharmaceuticals, put the decline back in double-digit decline territory after the NODX slipped 8.1 per cent in September, reversing three consecutive months of easing. The drop was bigger than an expected 11 per cent fall from a year ago, according to a Bloomberg consensus poll, and lowest since June's 17.4 per cent decline.

Month on month, the fall eased from a seasonally adjusted 3.3 per cent decrease in September to 2.9 per cent last month. Non-oil re-exports also fell less sharply at 2.3 per cent year on year, following a 2.9 per cent decline in September.Except for Taiwan, NODX shipments to all top 10 markets headed south last month, with Japan , the European Union and the US the biggest contributors to October's drop.

Source: News Formal (newsformal.com)

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