Singapore may find it a struggle to meet its target for non-oil domesticexport (NODX) growth this year of between 0 percent and 1 percent aftera surprise decline in shipments in August, according to Singaporeaneconomists.
International Enterprise (IE) Singaporeannounced on September 17 that NODX fell 6.2 percent from a year ago inAugust, following a 1.9 percent drop in July.
On amonth-on-month basis, the NODX tumbled by a seasonally-adjusted 6.0percent in August, extending the 1.8 percent decline in July.
IE Singapore said both the year-on-year and month-on-month declineswere due to contraction in the electronic and non-electronic shipments.
The electronic NODX was 9.2 percent lower than a year ago,easing from an 11.1 percent plunge in July. The non-electronic NODXdropped 4.7 percent year-on-year, following a 2.9 percent rise in theprevious month.
According to IE Singapore, exports to eightof Singapore’s top 10 export markets contracted last month, withshipments to the Eurozone and the US down 20.8 percent and 6.7 percentyear on year, respectively. NODX to China grew 15.3 percent.
With exports under pressure, Singapore’s economic growth might alsofeel the pinch, Credit Suisse analyst Michael Wan cautioned.
Mr Wan said “We estimate that third-quarter GDP could contract byabout 3.5 percent on-quarter, down from an unusually strong 15.5 percentrise the previous quarter.”-VNA
International Enterprise (IE) Singaporeannounced on September 17 that NODX fell 6.2 percent from a year ago inAugust, following a 1.9 percent drop in July.
On amonth-on-month basis, the NODX tumbled by a seasonally-adjusted 6.0percent in August, extending the 1.8 percent decline in July.
IE Singapore said both the year-on-year and month-on-month declineswere due to contraction in the electronic and non-electronic shipments.
The electronic NODX was 9.2 percent lower than a year ago,easing from an 11.1 percent plunge in July. The non-electronic NODXdropped 4.7 percent year-on-year, following a 2.9 percent rise in theprevious month.
According to IE Singapore, exports to eightof Singapore’s top 10 export markets contracted last month, withshipments to the Eurozone and the US down 20.8 percent and 6.7 percentyear on year, respectively. NODX to China grew 15.3 percent.
With exports under pressure, Singapore’s economic growth might alsofeel the pinch, Credit Suisse analyst Michael Wan cautioned.
Mr Wan said “We estimate that third-quarter GDP could contract byabout 3.5 percent on-quarter, down from an unusually strong 15.5 percentrise the previous quarter.”-VNA
