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Things does not look good for Singapore in 2019 but better in 2020
Things are not looking well for the local economy, according to the latest Enterprise Singapore data released on Monday (18 Nov). Both non-oil domestic exports (NODX) and oil domestic exports declined on a year-on-year (y-o-y) basis. And NODX has on the declining trend for the past eight months.
On a y-o-y basis, NODX decreased by 12.3% in October 2019, following the 8.1% decline in the previous month. Both electronic and non-electronic NODX declined.
On a y-o-y basis, electronic NODX declined by 16.4% in October 2019, following the 24.8% contraction in the previous month. ICs, PCs and telecommunications equipment contracted by 17.2%, 31.3% and 15.7% respectively, contributing the most to the decline in electronic NODX.
As for non-electronic products on a y-o-y basis, non-electronic NODX contracted by 11.0% in October 2019, following the 2.3% decline in the previous month. Pharmaceuticals (-36.0%), petrochemicals (-19.2%) and primary chemicals (-47.3%) contributed the most to the decline in non-electronic NODX.
All non-oil domestic exports to Singapore’s major markets dropped in October with the exception of Taiwan.
As for oil domestic exports on a y-o-y basis, oil domestic exports decreased by 21.0% in October 2019, following the 22.6% contraction in the preceding month. According to the figures provided by ES, lower exports to Indonesia (-32.0%), Malaysia (-23.2%) and Hong Kong (-30.3%) contributed to the y-o-y decrease of oil domestic exports.
Total trade decreased by 9.7% in October 2019, following the 5.0% decline in the preceding month. Total imports decreased by 10.3% in October 2019, after the 4.8% decline in the previous month. Total exports decreased by 9.2% in October 2019, following the 5.1% decline in September 2019.
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