SINGAPORE (Thomson Financial) - Singapore's non-oil domestic exports fell for the first time in seven months in November as
shipments of both electronics and pharmaceuticals dropped, the government said Monday.
Non-oil domestic exports dropped 3.4 percent to 14.6 billion Singapore dollars last month from a
year earlier. International Enterprise Singapore said.
The decline was unexpected. Economists polled by Thomson Financial were looking at growth of between 1.6 and 4.5 percent. The last time exports dropped was in April when they were down 0.4 percent.
The poor data for November may mean that full-year growth may come in below the
government's forecast range of 4-6 percent, said Song Seng Wun, regional economist at CIMB-GK.
For the 11 months to November, exports have grown by an average 2.9 percent.
But the overall economy is still on track to grow by a strong 8 percent, said Song.
"The 8 percent is still intact mainly because of contribution from services and domestically oriented economic activities," he said.
Exports of electronics, which made up nearly 41 percent of the total, dropped for the tenth consecutive month. Shipments fell 8.2 percent to 5.96 billion dollars as exports of integrated
circuits, telecommunications equipment, and PC parts remained slow.
Non-electronics shipments inched up a marginal 0.2 percent to 8.66 billion dollars. A 21 percent decline in pharmaceutical exports offset an increase in shipments of specialized machinery, nonmonetary gold, electrical machinery and primary chemicals.
Seasonally adjusted, non-oil domestic exports were down 6.0 percent in November from the
previous month compared to a 0.5 percent decline in October.
Shipments to EU countries and Indonesia fell during the month, while those bound for the US, China, Malaysia and Hong Kong grew.
Exports to the EU fell 32 percent and those bound for Indonesia, were down 6.8 percent, falling for the seventh straight month.
Shipments to the US rose 0.5 percent, those to China increased 0.6 percent, those to Malaysia expanded 1.2 percent, and those to Hong Kong grew 11 percent.
shipments of both electronics and pharmaceuticals dropped, the government said Monday.
Non-oil domestic exports dropped 3.4 percent to 14.6 billion Singapore dollars last month from a
year earlier. International Enterprise Singapore said.
The decline was unexpected. Economists polled by Thomson Financial were looking at growth of between 1.6 and 4.5 percent. The last time exports dropped was in April when they were down 0.4 percent.
The poor data for November may mean that full-year growth may come in below the
government's forecast range of 4-6 percent, said Song Seng Wun, regional economist at CIMB-GK.
For the 11 months to November, exports have grown by an average 2.9 percent.
But the overall economy is still on track to grow by a strong 8 percent, said Song.
"The 8 percent is still intact mainly because of contribution from services and domestically oriented economic activities," he said.
Exports of electronics, which made up nearly 41 percent of the total, dropped for the tenth consecutive month. Shipments fell 8.2 percent to 5.96 billion dollars as exports of integrated
circuits, telecommunications equipment, and PC parts remained slow.
Non-electronics shipments inched up a marginal 0.2 percent to 8.66 billion dollars. A 21 percent decline in pharmaceutical exports offset an increase in shipments of specialized machinery, nonmonetary gold, electrical machinery and primary chemicals.
Seasonally adjusted, non-oil domestic exports were down 6.0 percent in November from the
previous month compared to a 0.5 percent decline in October.
Shipments to EU countries and Indonesia fell during the month, while those bound for the US, China, Malaysia and Hong Kong grew.
Exports to the EU fell 32 percent and those bound for Indonesia, were down 6.8 percent, falling for the seventh straight month.
Shipments to the US rose 0.5 percent, those to China increased 0.6 percent, those to Malaysia expanded 1.2 percent, and those to Hong Kong grew 11 percent.
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