Singapore’s non-oil exports grow slower than expected in September
Singapore's non-oil domestic exports (NODX) in September rose 5.9 percent from a year earlier, driven mainly by electronics shipments, data from Enterprise Singapore showed.
A view of Tanjong Pagar Terminal of Singapore (Photo: AFP/VNA)
Hanoi (VNA) – Singapore's non-oil domesticexports (NODX) in September rose 5.9 percent from a year earlier, driven mainlyby electronics shipments, data from Enterprise Singapore showed.
The NODX growth was lower than the 7.7-percentincrease in August and the 10.8-percent rise forecast by economists in aReuters poll.
Exports of electronics jumped 21.4 percent froma low base a year ago.
On a seasonally adjusted month-on-month basis,the country’s exports contracted 11.3 percent in September after a 10.5-percentincrease in the previous month. The pace of drop was the steepest since March2019, Enterprise Singapore said in a statement.
The Singaporean Ministry of Trade and Industrysaid on October 14 that the economy shrank at a slower pace of 7 percent in thethird quarter from the same period last year, following the phased reopening ofthe economy after the COVID-19 "circuit breaker" period.
This is also an improvement from the13.3-percent contraction in Q2 and close to a 7.6-percent contraction estimatedby private-sector economists surveyed by the Monetary Authority ofSingapore last month.
The ministry predicted the economy may shrink bybetween 7 percent and 5 percent this year./.
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The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
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A view of Tanjong Pagar Terminal of Singapore (Photo: AFP/VNA) 
