Singapore non-oil exports fall 20.6% in Dec 22

  • Singapore’s key exports fell for the third straight month in Dec 22, according to data from Enterprise Singapore, on rapidly cooling global demand. Non-oil domestic exports (Nodx) for Dec 22 slumped 20.6% from a high base in 2021. The contraction was worse than Bloomberg’s forecast for a 16.8% drop, and also lower than November’s revised rate of 14.7%.
  • For 2022, Nodx grew by 3% – just half of the official forecast for around 6% growth. The Nodx forecast for this year is for -2% – 0% growth.
  • For Dec 22, both electronics and non-electronics shipments again saw sharp double-digit contractions. Electronics Nodx fell 17.9% in Dec 22 after declining 20.2% in Nov 22.
  • Shipments of personal computer parts fell the most, down 41.7%; while shipments of integrated circuits were down 26%. Disk media products fell 36.5%.
  • Non-electronics Nodx also extended its slump, shrinking by 21.3% in Dec 22, following the 12.8% decrease in Nov 22.
  • Breaking down the export figures by markets, Nodx to Singapore’s top 10 markets declined as a whole, mainly due to the fall in shipments to China, Hong Kong and Indonesia.
  • Year on year, total trade decreased by 7.7% in Dec 22 following the 2.4% decline in Nov 22.

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