SINGAPORE (Reuters) – Singapore’s non-oil domestic exports (NODX) declined 25% year-on-year in January, led by falls in both electronics and non-electronic products.
This was a steeper decline than the 20.6% year-on-year fall in December 2022 and compared with expectations for a 22.0% fall in a Reuters poll.
OCBC economist Selena Ling said the drop was close to her 24.6% forecast, but would have been worse without growth in pharmaceuticals. Pharmaceuticals exports almost doubled in January to S$1.76 billion ($1.32 billion) from December.
On a month-on-month seasonally adjusted basis, NODX increased 0.9% in January, following December’s 2.9% drop.
Non-domestic oil exports to Singapore’s top 10 markets in January declined as a whole.
Exports to China fell 41.1%, due to lower shipments of specialised machinery, petrochemicals and pharmaceuticals, while exports to the United States fell by 31.5% due to declines in sales of structures of ships and boats, specialised machinery and food preparations.
“I expect 1Q23 to remain soft on slowing global demand conditions and weak electronics momentum,” Ling said.
($1 = 1.3377 Singapore dollars)
(Reporting by Xinghui Kok; Editing by Ed Davies)