SINGAPORE – Singapore’s key exports returned to negative growth in December, driven by a continued slump in shipments of electronics.
Non-oil domestic exports (Nodx) fell 1.5 per cent from a year ago, compared with a 1 per cent increase recorded in November, data from Enterprise Singapore (EnterpriseSG) showed on Jan 17.
November’s performance had marked a fragile return to growth following a 13-month decline in the Nodx.
Exports of electronics fell by 11.7 per cent in December, following a 12.8 per cent contraction in November. It marks the 17th straight month of decline in electronics Nodx.
Personal computers and their parts, along with integrated circuits (or semiconductors), drove the fall in shipments of electronics.
Personal computers, which form nearly 10 per cent of electronics Nodx, dropped by 34.3 per cent from a high base a year ago. Integrated circuits contracted by 7.9 per cent, marking a continued slowing of the rate of decline in the sector’s exports.
Conversely, exports of non-electronics grew by 1.4 per cent year on year. This marked a second straight month of growth, following a 5.2 per cent increase recorded in November.
It was driven largely by pharmaceuticals, non-monetary gold, and miscellaneous manufactured articles.
Exports to Singapore’s top 10 markets declined as a whole, led by falls in exports to Taiwan, South Korea and Japan.
But shipments to China, Hong Kong, the European Union and the United States rose, with exports to the EU growing 8.6 per cent – reversing the previous month’s decline of 21.7 per cent.
On a month-on-month seasonally adjusted basis, Singapore’s Nodx fell by 2.8 per cent to $14.6 billion, reversing the previous month’s 0.3 per cent increase.
For the month of December, the Republic’s total trade fell 6.8 per cent from a year ago, down from a 0.1 per cent increase recorded in November.