Singapore’s non-oil domestic exports (NODX) dropped 14.6 percent in the second quarter, hurt by lower shipments of both electronics and non-electronic products, Enterprise Singapore said in a release Tuesday.
That was a sharper decline than the 6.4 percent on-year decrease in the first quarter, the release said.
The full year forecast for NODX was cut to a 9.0 percent to a 8.0 percent contraction, while the total trade forecast was lowered to a 3.0 percent to 2.0 percent decline.
“NODX performed weaker-than-expected in the second quarter of 2019 amid the global electronics downcycle, as well as generally sluggish global final demand and trade conditions,” Enterprise Singapore said.
On an on-quarter seasonally adjusted basis, NODX fell 5.0 percent in the second quarter, extending the first quarter’s 4.8 percent decrease, the statement said.
For the second quarter, electronics products, which comprised 21 percent on NODX, posted a 26.9 percent on-year contraction in exports, wider than the first quarter’s 17.2 percent decline, on lower shipments of ICs, disk media products and PCs.
“Global economic and trade growth is expected to further moderate in 2019 from the expansion in the last two years,” it added, citing a weaker outlook for key trading partners such as China, the ASEAN-5, Japan and other advanced economies. ASEAN stands for the Association of Southeast Asian Nations.
Non-electronic products, which comprise 79 percent of NODX, declined by 10.5 percent on-year in the quarter, widening from the first quarter’s 2.6 percent contraction, on decreases in shipments of civil engineering equipment parts, non-monetary gold and petrochemicals, Enterprise Singapore said.
With the exception of the U.S., NODX compared to all top markets fell
during the quarter, with China, the EU 28 and Japan the biggest contributors to the decline, the statement said.
Total merchandise trade posted a 2.1 percent on-year decline in the second quarter, after rising 2.1 percent in the previous quarter, on declines in both oil and non-oil trade.
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