Singapore’s non-oil domestic exports have experienced a continuous decline for the ninth month in a row, as both electronics and non-electronics shipments decreased in the majority of its top 10 markets.
According to Enterprise Singapore, non-oil domestic exports from the Southeast Asian trading hub contracted by 15.5% in June compared to the same period last year. In May, there was a revised 14.8% drop in non-oil domestic exports year-on-year.
However, on a month-over-month seasonally adjusted basis, there was a slight growth of 5.4% in June. This improvement comes after a contraction of 14.6% in May.
In June, electronics exports declined by 15.9% following a significant 27.2% decrease in the previous month. Similarly, non-electronics exports also fell by 15.4% in June, accelerating from the 10.7% decline seen in the prior month.
Several industries contributed to the contraction of non-electronics domestic exports in June, with petrochemicals plunging by 34.0%, pharmaceuticals sliding by 29.5%, and primary chemicals slumping by 61.8%, as reported by Enterprise Singapore.
Below are the percentage changes of non-oil domestic exports to the top markets from May to June:
- Malaysia: -30.7%
- Indonesia: -35.7%
- South Korea: -24.2%
- Japan: -28.9%
- Taiwan: -16.1%
- EU 27: -12.3%
- Thailand: -26.7%
- US: -1.8%
- China: +3.1%
- Hong Kong: +41.9%
It is no doubt that Singapore’s non-oil domestic exports face significant challenges in several key markets. The ongoing decline raises concerns about the country’s export-driven economy.