Illustrative image (Source: straitstimes.com)Singapore (VNA) - Singapore’s key non-oil domestic exports (NODX) suffered ayear-on-year drop of 14.6 percent in the second quarter, Enterprise Singaporesaid on August 13.
This is a much steeper fall compared to the 6.4 percent drop in the firstquarter, and is Singapore’s third straight quarter of NODX decline.
Enterprise Singapore slashed its NODX forecast to -9 to -8 percent for theyear, down from -2 to 0 percent in the first quarter.
NODX in the second quarter was dragged down by both the electronics andnon-electronics segments.
Electronics exports dived by 26.9 percent in Q2, extending its 17.2 percentdecline in the preceding quarter. Integrated circuits, disk media products andpersonal computers contributed to the decrease in electronic NODX, falling by32.2 percent, 38.7 percent and 15.9 percent respectively.
Non-electronic shipments also fell by 10.5 percent, following the 2.6 percentdrop in the previous quarter. This was mostly led by civil engineeringequipment parts down 80.9 percent; non-monetary gold, 32 percent; andpetrochemicals, 15 percent.
NODX to all of Singapore’s top markets, except the US, fell in Q2, with China down14.6 percent; the European Union, 17.5 percent; and Japan, 28.5 percent, comingin as the biggest contributors to the decline.
Enterprise Singapore attributed the poor showingto the global electronics downcycle as well as sluggish global finaldemand and trade conditions. Lower oil prices amid weak global demand furtherweighed on oil trade in nominal terms and in turn total trade, said thegovernment agency.-VNA
VNA
