Singapore's Non-Oil Domestic Exports Continue to Decline

Singapore's non-oil domestic exports experienced their tenth consecutive month of decline in July. Both electronics and non-electronics shipments decreased in most of the country's top 10 markets.

According to Enterprise Singapore, non-oil domestic exports contracted by 20.2% in July compared to the same period last year, surpassing the median estimate of 11 economists surveyed by The Wall Street Journal, who predicted a decline of 14.3%. In June, non-oil domestic exports dropped by a revised 15.6% year-on-year.

On a month-over-month seasonally adjusted basis, non-oil domestic exports fell by 3.4% in July. This figure was lower than the median estimate of a 1.3% increase by seven economists surveyed by the WSJ, and also lower than the revised growth of 5.2% recorded in June.

The export of electronics declined by 26.1% in July, following a revised drop of 16.0% in the previous month. Meanwhile, non-electronics exports fell by 18.5%, accelerating from a revised decline of 15.6% over the same period.

Key factors contributing to the contraction in non-electronics domestic exports in July were non-monetary gold, which experienced a significant decline of 80.3%, petrochemicals, which slumped by 22.8%, and specialized machinery, which slid by 17.2%. However, pharmaceuticals saw a modest increase of 2.0%.

Here is the list of the percentage change in non-oil domestic exports to Singapore's top markets from June to July:

• EU 27: -38.6%
• Taiwan: -36.0%
• China: -20.1%
• South Korea: -36.8%
• Malaysia: -24.2%
• Indonesia: -33.2%
• Thailand: -17.4%
• Japan: -14.7%
• Hong Kong: -2.8%
• U.S.: +34.4%

Overall, Singapore's non-oil domestic exports continue to face challenging conditions across various sectors and markets.