17-8-2023 (SINGAPORE) The challenging trajectory continues for Singapore’s non-oil domestic exports (NODX) as they marked their 10th consecutive month of decline in July, plunging by a substantial 20.2%. Both electronics and non-electronics segments experienced the impact of this contraction.
This dip comes on the heels of a 15.6% contraction in June, which was preceded by a 14.7% decline in May. The recent figure has fallen short of expectations, notably below the projections of a 14.4% decline put forth in a Reuters poll.
Enterprise Singapore (EnterpriseSG) unveiled data on Thursday (Aug 17) that divulged electronic product exports took a significant hit, plummeting by 26.1% in July, following a 16% slide in the preceding month. Among electronic exports, integrated circuits (ICs), personal computers (PCs), and disk media products emerged as the primary contributors to this decline, registering drops of 35.7%, 46.1%, and 40.8% respectively.
In tandem with the electronic sector, non-electronic exports encountered an 18.5% contraction in July, echoing the 15.6% dip witnessed in June. Notably, non-monetary gold, specialised machinery, and petrochemicals were the categories that experienced the most pronounced setbacks, plummeting by 80.3%, 17.2%, and 22.8% respectively.
EnterpriseSG offered insights into this decline, stating, “NODX to the top markets as a whole declined in July 2023, though NODX to the United States rose.” The exports to the United States saw a significant 34.4% increase in July, juxtaposed against declines in vital markets such as the European Union (-38.6%), Taiwan (-36%), and China (-20.1%).
Examining the scenario from a year-on-year perspective, July bore witness to a 20.8% plunge in total trade, succeeding the 19.3% contraction experienced in the prior month. This downward trend impacted both exports and imports, resulting in declines of 18.4% and 23.4% respectively.
