Singapore’s non-oil exports fall for a 11th month in August

singapore’s-non-oil-exports-fall-for-a-11th-month-in-august
Singapore’s non-oil exports fall for a 11th month in August

Singapore’s annual exports declined for the 11th consecutive month in August due to global headwinds and a decrease in demand. Official data revealed that Singapore’s non-oil domestic exports (NODX) fell by 20.1% year-on-year in August, with both electronics and non-electronics exports to the United States, Europe, and China experiencing a decline. This contraction exceeded the forecasted 15.8% decline and continued the 20.3% contraction observed in July. Barclays economist Brian Tan noted that this suggests a lack of stabilization in exports. Economists anticipate that the Monetary Authority of Singapore (MAS) will maintain its current monetary policy in the upcoming policy review due to weak growth and persistent inflation. Tan emphasized the need for caution regarding inflation, stating that it is too early to relax. On a seasonally adjusted month-on-month basis, NODX decreased by 3.8%, compared to the previous month’s 3.5% decline. Economists had predicted a 5.5% growth. NODX to the United States contracted by 32.4% in August, primarily due to a sharp decline in non-electronic exports. Singapore recently revised its economic growth forecast to 0.5% to 1.5% for this year, narrowing the previous range of 0.5% to 2.5%. The central bank maintained its policy settings in April after five consecutive tightening measures, reflecting concerns about the country’s growth outlook. Reporting by Chen Lin; Editing by Kanupriya Kapoor.

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