By Ronnie Harui
SINGAPORE--Singapore's non-oil domestic exports fell in February for a fifth straight month, with shipments of electronics and non-electronics declining in more than half of its top 10 markets.
Non-oil domestic exports from the Southeast Asian trading hub in February contracted 15.6% compared with the same period a year earlier, Enterprise Singapore said Friday. That was slightly better than the median estimate for a 15.95% decrease in a Wall Street Journal poll of eight economists.
In January, non-oil domestic exports slid 25.0%.
On a month-over-month seasonally adjusted basis, non-oil domestic exports fell 8.0% in February. That compared with a 0.9% increase in January.
Electronics exports slid 26.5% in February from a year earlier, following the 26.8% decline in the previous month. Non-electronics exports fell 12.1% in February, narrowing from the 24.5% decrease in January.
Among the main contributors to February's contraction in non-electronics domestic exports were structures of ships and boats, which plunged 100.0%, petrochemicals, which slid 24.4%, and pharmaceuticals, which dropped 21.5%, Enterprise Singapore said.
Non-Oil Domestic Exports to Top Markets (% Y/Y) Top Market January February EU 27 +21.4 -34.2 Hong Kong -55.1 -46.4 Taiwan -17.3 -29.3 China -41.1 -11.3 Malaysia -23.5 -10.5 South Korea -13.9 -8.1 Indonesia -17.5 -2.0 Thailand -3.1 +3.2 Japan +1.4 +15.2 U.S. -31.5 +8.7
Write to Ronnie Harui at ronnie.harui@wsj.com
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March 17, 2023 at 07:34AM
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