FOREX TradingCharts.com

Financial News: Singapore Exports Slump 20.6% On Weaker Demand

Singapore Exports Slump 20.6% On Weaker Demand

01/17/2023 - 05:37:00 (RTTNews)

(RTTNews) - Singapore's non-oil exports declined for the third straight month in December, and at a faster-than-expected pace, amid sharp falls in both shipments of electronic and non-electronic goods, data from Enterprise Singapore showed on Tuesday.

Non-oil domestic exports, or NODX, decreased 20.6 percent year-on-year in December, which was worse than the 14.7 percent fall in November. Economists had expected a 16.8 percent fall.

Electronic exports plunged 17.9 percent, largely led by significant contractions in the shipments of microchips, disk media products and computer parts.

The non-electronic NODX logged an annual decline of 21.3 percent, impacted by lower foreign demand for non-monetary gold, specialized machinery, and primary chemicals.

On a monthly basis, the NODX decreased 3.3 percent in December, after a 9.2 percent fall in the previous month. Meanwhile, economists had forecast a 1.0 percent renewed rise at the end of the year.

In December, non-oil domestic exports to the top 10 markets as a whole decreased, primarily as a result of China, Indonesia, and Hong Kong, while those to South Korea and Japan increased.

Data also showed that total trade decreased 7.7 percent in December, faster than the 2.4 percent drop a month ago. Both exports and imports fell by 7.1 percent and 8.2 percent, respectively.

During the year 2022, overall trade registered a sharp growth of 17.7 percent.

ING economist Nicholas Mapa expects Singapore non-oil exports to continue stalling as global trade is expected to slow further in 2023.

Further, a strengthening Singapore dollar could be a complication for the export outlook and could be something the <a href=https://www.rttnews.com/3334650/singapore-gdp-growth-weakens-sharply-on-lackluster-manufacturing.aspx target=_blank >Monetary Authority of Singapore</a> will need to pay attention to on top of inflation, the economist said.

"Despite the uncertainties about China's re-opening, the slowdown in economic growth for Singapore's other major trade destination countries will likely result in NODX posting steep falls for at least the first half of this year, forcing overall growth to settle at around 2.5 percent YoY for 2023," Mapa added.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2023 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Dutch Producers Slightly More Positive In January (25 min(s), 45 sec(s) ago)
(RTTNews) - The Netherlands' producer confidence improved slightly at the start of the year, a ...Full Story»

European Economics Preview: Germany GDP Data Due (59 min(s), 45 sec(s) ago)
(RTTNews) - Quarterly national accounts from Germany and economic sentiment survey results from eu ...Full Story»

New Zealand Has NZ$475 Million Trade Deficit (02 min(s), 15 sec(s) ago)
(RTTNews) - New Zealand posted a merchandise trade deficit of NZ$475 million in December, Statisti ...Full Story»

New Zealand Trade Data Due On Monday (59 min(s), 15 sec(s) ago)
(RTTNews) - New Zealand will on Monday release December data for imports, exports and trade balanc ...Full Story»

U.S. Consumer Sentiment Improves Slightly More Than Initially Estimated In January (37 min(s), 15 sec(s) ago)
(RTTNews) - Revised data released by the University of Michigan on Friday showed consumer sentimen ...Full Story»

U.S. Pending Home Sales Unexpectedly Rebound In December (23 min(s), 15 sec(s) ago)
(RTTNews) - After reporting decreases in U.S. pending home sales for six straight months, the Nati ...Full Story»

U.S. Personal Income Inches Up 0.2% In December, In Line With Estimates (01 min(s), 15 sec(s) ago)
(RTTNews) - Personal income in the U.S. increased in line with economist estimates in the month of ...Full Story»

Mexico Trade Surplus Grows To $984 Mln (45 min(s), 15 sec(s) ago)
(RTTNews) - Mexico's foreign trade surplus increased in December from a year ago, as exports g ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Dutch Producers Slightly More Positive In January

01/30/2023 - 01:50 AM (RTTNews)
(RTTNews) - The Netherlands' producer confidence improved slightly at the start of the year, a ...Full Story>>

European Economics Preview: Germany GDP Data Due

01/30/2023 - 01:16 AM (RTTNews)
(RTTNews) - Quarterly national accounts from Germany and economic sentiment survey results from eu ...Full Story>>

New Zealand Has NZ$475 Million Trade Deficit

01/29/2023 - 17:18 PM (RTTNews)
(RTTNews) - New Zealand posted a merchandise trade deficit of NZ$475 million in December, Statisti ...Full Story>>

New Zealand Trade Data Due On Monday

01/29/2023 - 16:15 PM (RTTNews)
(RTTNews) - New Zealand will on Monday release December data for imports, exports and trade balanc ...Full Story>>

U.S. Consumer Sentiment Improves Slightly More Than Initially Estimated In January

01/27/2023 - 10:53 AM (RTTNews)
(RTTNews) - Revised data released by the University of Michigan on Friday showed consumer sentimen ...Full Story>>

Do not sell my personal information

Copyright © 2023. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.