Singapore’s non-oil domestic exports declined at a faster-than-expected pace in August, a report from the International Enterprise Singapore showed Thursday.
NODX plunged 8.4 percent year-over-year in August, exceeding economists’ expectations for a 3.5 percent drop. In July, non-oil domestic exports had fallen 0.7 percent.
The sharp decline was influenced by decreases in both electric and non-electronic NODX.
Exports of electronic products fell 2.7 percent in August from a year ago, reversing a 2.5 percent gain registered in the prior month. This was largely due to the declines in exports of disk drives, parts of ICs and parts of PCs.
Shipments of non-electronic products also dipped 10.6 percent annually in August, much faster than the 2.0 percent drop in the preceding month.
On a monthly basis, NODX slipped a seasonally adjusted 4.6 percent in August, in contrast to July’s 2.5 percent hike.
The material has been provided by InstaForex Company – www.instaforex.com