Singapore’s Non-Oil Domestic Exports Fall in February
We have received the latest export data from Enterprise Singapore, which reveals that Singapore’s non-oil domestic exports (NODX) declined 15.6% year-on-year in February. This fall was primarily attributed to decreases in both electronic and non-electronic products, consistent with analyst forecasts.
However, it is worth noting that February’s decline represents a slowdown from the 25% decrease in January and 20.6% fall in December. Nonetheless, the drop is still significant and falls just below the predicted 16% decrease in a Reuters poll of analysts.
On a seasonally adjusted basis, NODX decreased 8% in February following a modest 0.9% growth in January. This was steeper than anticipated by analysts, who predicted a 0.5% decline. It is widely excepted that the impact of the COVID-19 outbreak has caused increased disruption to global trade and supply chains in recent months.
Non-domestic oil exports to Singapore’s top 10 markets also declined as a whole in February. The largest drop was seen in exports to European Union (EU) countries, down 34.2% on reduced transportation of petrochemicals, pharmaceuticals and disk media products. Likewise, exports to Hong Kong fell 46.4% due to decreased shipments of integrated circuits, disk media products and iron or steel scrap.
In conclusion, February’s export data highlights significant challenges for Singapore’s trade industry amid the ongoing COVID-19 pandemic. We can expect to see a continuous impact on global trade in the coming months as countries take measures to control the outbreak. While the current situation is uniquely challenging, Singapore has proven time and time again its resilience and adaptability in the face of adversity.#Singapores #Feb #nonoil #domestic #exports #fall #Reuters
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