Singapore’s non-oil domestic exports declined unexpectedly in October, data from the International Enterprise Singapore showed Tuesday.
NODX dropped 0.5 percent year-over-year in October, confounding economists’ expectations for a 3.6 percent growth. In September, non-oil domestic exports had risen 0.3 percent.
The annual decrease in October was caused by a contraction in electronic NODX which outweighed the increase in non-electronic NODX, the agency said.
Exports of electronic products fell 3.2 percent annually in October, in contrast to the 5.7 percent rise in the previous month. This was largely due to the fall in exports of ICs, parts of ICs and parts of PCs. Economists had expected a 2.2 percent fall for the month.
At the same time, shipments of non-electronic products grew 0.7 percent in October, reversing a 1.9 percent drop in September.
On a monthly basis, NODX rose a seasonally adjusted 1.1 percent in October, following a 2.8 percent decrease in the preceding month.
The material has been provided by InstaForex Company – www.instaforex.com