Singapore's year on year growth in non-oil domestic exports. (Photo: channelnewsasia.com) Singapore, September 19 (VNA) - Singapore's non-oil domestic 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 a revised 20.3% decrease in July and a 15.7 % contraction in June. The August decline is worse than a UK’s Reuters poll forecast of a 15.8% drop.
According to data released by Enterprise Singapore (EnterpriseSG) on September 18, electronic product exports contracted by 21.1 % in August, 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 of ships and boats, pharmaceuticals, and specialised machinery, falling by 97.7%, 37.7%, and 25.5%, respectively.
On a year-on-year basis, total trade declined by 15.2 % in August, following the 20.9 % contraction in the previous month. Both exports and imports fell, by 14.7 % and 15.6 % respectively.
In July, Singapore narrowed its growth forecast for 2023. The Ministry of Trade and Industry (MTI) said the country's gross domestic product for the year is expected to come in between 0.5 % to 1.5 %, narrowing from the previous 0.5 to 2.5 % range.
Prime Minister Lee Hsien Loong said on September 7 that Singapore will not see a recession this year despite a sluggish economy, although uncertainty remains for 2024.
Earlier this month, private sector economists cut their forecast for Singapore’s economic growth this year to 1%, down from an earlier projection in June of 1.4 %./.
