Singapore’s non-oil domestic exports, or NODX, growth slowed more than expected in September, a report from the International Enterprise Singapore showed Friday.
NODX increased 0.9 percent year-over-year in September following the 6 percent rise in August. This was slower than the 2.9 percent growth expected by economists.
This was driven by the increase in non-electronic exports which outweighed the more than expected decline in electronic exports.
Exports of non-electronic products grew 3 percent in September after the 12.1 percent surge in August. This was led by the increase in exports of petrochemicals, specialised machinery and primary chemicals.
Meanwhile, exports of electronic products contracted 4 percent compared to the 6.9 percent decrease in the previous month. Economists had expected electronic exports to drop 0.3 percent.
NODX to all of the top ten markets rose in September, except Hong Kong, Japan, the European Union and Indonesia.
Exports to China grew the most in September, followed by Taiwan and Malaysia.
Annually, non-oil re-exports, or NORX, recovered by 4.2 percent after the 5.6 percent decline in August.
Oil exports dropped 12 percent in September following the 2.7 percent climb in August.
On Wednesday, a report from Statistics Singapore showed that retail sales recovered at a faster-than-expected pace, by 5.3 percent, in August. In July, sales had dropped 0.2 percent.
On Tuesday, Singapore’s central bank had announced its decision to keep the monetary policy unchanged.
by RTT Staff Writer
For comments and feedback: editorial@rttnews.com
Singapore NODX Rises More Slowly Than Expected
No comments:
Post a Comment