Singapore exports rise 3.1% year-on-year in September, missing forecasts
FILE PHOTO: A ship docks at Keppel terminal in Singapore November 17, 2020. REUTERS/Edgar Su
SINGAPORE (Reuters) — Singapore’s September non-oil domestic exports (NODX) grew 3.1% year-on-year, official data showed on Monday, slower than the previous month and missing forecasts due to declines in shipments for the Chinese and Hong Kong markets.
Economists had expected 7.1% growth in a Reuters poll. Exports had grown 11.4% in August.
On a seasonally adjusted month-on-month basis, NODX fell 4%, Enterprise Singapore data showed, versus the prior month’s 3.9% decline. Economists had forecast a 2.1% decline.
Electronic NODX fell 10.6% on year in September, with integrated circuits, disk media products and personal computer parts declining by 12.0%, 42.7% and 22.3% respectively.
Non-electronic NODX grew 7.6%, with pharmaceuticals, measuring instruments and non-monetary gold contributing the most to the growth.