SINGAPORE (Reuters) – Singapore’s non-oil domestic exports (NODX) fell 15.6% in February from the same month a year earlier, led by falls in both electronic and non-electronic products and broadly in line with analyst forecasts.
Last month’s decline, however, marked a slowdown from the 25% drop in January and 20.6% fall in December, according to data from Enterprise Singapore. The drop compared with a forecast in a Reuters poll of analysts for a 16% fall.
On a month-on-month seasonally adjusted basis, NODX decreased 8% in February, following January’s 0.9% growth. This was steeper than analysts’ predictions for a 0.5% decline.
Non-domestic oil exports to Singapore’s top 10 markets in February declined as a whole.
Exports to European Union countries fell 34.2% on lower shipments of petrochemicals, pharmaceuticals and disk media products, while exports to Hong Kong declined 46.4% after drops in shipments of integrated circuits, disk media products and iron or steel scrap.
(Reporting by Xinghui Kok; Editing by Ed Davies)