The decline in Singapore’s main exports abated once more in October, and experts predict a slow and uneven return to growth in the coming months.
Non-oil domestic exports (Nodx) decreased 3.4% in October compared to the same month in the previous year, according to information made public on November 17 by trade organization Enterprise Singapore (EnterpriseSG).
For the thirteenth consecutive month, shipments decreased year over year.
However, the data exceeded the predictions of analysts surveyed by Bloomberg, who forecast a 6% decline.
Additionally, October’s export decline was substantially smaller than September’s 13.2% decline.
In a further indication of improvement, Nodx expanded by 3.4% month over month on a seasonally adjusted basis in October, building on the 11% expansion seen in September.
According to EnterpriseSG, October’s decline in both electronic and non-electronic exports was less severe due to a low base.
In comparison to the previous month, when shipments of electronic goods fell by 11.6%, they decreased by 5.6% year over year.
Integrated circuits, diodes, transistors, and components of personal computers led the decline.
In October, non-electronic Nodx also decreased, by 2.7%. Compared to the 13.7% decline in the prior month, this represented an improvement.
The main causes of the reduction were electrical machinery, non-electric engines and motors, and food preparation.
Base effects were positive in October and will be in the upcoming months, according to DBS economist Chua Han Teng.
A gradual and fragile recovery in exports is also indicated by forward-looking indicators, he continued, “despite a still uncertain global economic environment due to high interest rates in advanced economies and a bumpy recovery in China.”
According to EnterpriseSG data, exports to Singapore’s top markets—Taiwan, the US, and South Korea—fell overall.
However, shipments increased to Hong Kong, Thailand, the European Union, and China.
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