Singapore's year on year growth in non-oil domestic exports. (Photo: channelnewsasia.com) Singapore, September 19 (VNA) - Singapore's non-oildomestic exports (NODX) contracted for the 11th consecutive month in August,falling by 20.1%, with both electronics and non-electronics seeing a decline.
The drop in August follows arevised 20.3% decrease in July and a 15.7% contraction in June. The August decline is worse than a UK’s Reuters pollforecast of a 15.8% drop.
According to data released by Enterprise Singapore(EnterpriseSG) on September 18, electronic product exports contracted by 21.1 % inAugust, following a 26.1 % fall in the previous month.
Non-electronic exports declined by 19.9 % in August,extending an 18.5% drop in July. The biggest declines were in structures ofships and boats, pharmaceuticals, and specialised machinery, falling by 97.7%,37.7%, and 25.5%, respectively.
On a year-on-year basis, total tradedeclined by 15.2 % in August, following the 20.9 % contraction in the previousmonth. Both exports and imports fell, by 14.7 % and 15.6 % respectively.
In July, Singapore narrowedits growth forecast for 2023. The Ministry of Trade and Industry (MTI) said thecountry's gross domestic product for the year is expected to come in between0.5 % to 1.5 %, narrowing from the previous 0.5 to 2.5 % range.
PrimeMinister Lee Hsien Loong said on September 7 that Singapore will not see arecession this year despite a sluggish economy, although uncertaintyremains for 2024.
Earlier this month, private sectoreconomists cut theirforecast for Singapore’s economic growth this year to 1%, down from an earlier projection in June of 1.4 %./.
