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Singapore's key exports decline for 10th consecutive month

SINGAPORE
2023-08-17 15:31

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SINGAPORE, Aug. 17 (Xinhua) -- The non-oil domestic exports (NODX) in Singapore declined by 20.2 percent year-on-year, marking a contraction for the 10th straight month, government agency Enterprise Singapore announced Thursday.

The figure extended the 15.6-percent decline in the previous month, Enterprise Singapore noted, adding that NODX in July fell 3.4 percent month-on-month, reversing the 5.2-percent rise in June.

In July, the electronic export contracted by 26.1 percent and non-electronic export declined by 18.5 percent. Both worsened from the previous month, according to the government agency.

Though NODX to the United States rose, export to Singapore's major markets shrank in July.

Shipment to China fell 20.1 percent year-on-year, due to weaker exports of integrated circuits, pharmaceuticals and petrochemicals.

NODX to the European Union members plunged 38.6 percent due to a fall in pharmaceuticals, primary chemicals and specialized machinery, the agency noted.

Singapore on last Friday downgraded its GDP growth forecast to 0.5-1.5 percent from the earlier range of 0.5-2.5 percent due to sluggish demand from major trading partners.
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