Singapore NODX deepens contraction in June with a 17.3% decline
17 July, 2019, 17:09 | Author: Regina Silva
Non-oil domestic exports in June fell 17.3%, the fourth month of year-on-year decline, data from the trade agency Enterprise Singapore showed on Wednesday, slowing from the revised 16.3% decline the month before.
June export figures - coming after May's preliminary drop of 15.9 per cent was revised down to 16.3 per cent - are being hotly watched for implications on second-quarter economic data.
The trade-reliant economy took a sharp downturn in the second quarter, prompting analysts to downgrade growth forecasts for this year and predict a possible recession.
That was worse than the median estimate of a 9.6% decline in a Bloomberg survey of economists. Chinas exports fell 1.3 per cent in June from a year ago, while shipments from South Korea, India and Indonesia also contracted.
This appears to suggest that NODX to the US market remains the sole man standing at this juncture, barring further developments on the US-China trade front.
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Shipments of electronic goods sank by 31.9% in June, extending from the 31.6% decline in the previous month. As well, NODX to emerging markets declined 17% in June 2019, following the 18% decrease in the previous month. Contributors to the fall were integrated circuits, personal computers, and disk media products which had contracted by 33.0%, 44.6%, and 41.7%, respectively.
In a breakdown, the electronic exports of Singapore to China decreased by 36 percent year-on-year in June, while the non-electronic exports went down 11.3 percent year-on-year.
On a month-on-month seasonally adjusted basis, the NODX declined by 7.6 percent in June to 12.9 billion Singapore dollars (about 9.49 billion USA dollars).
NODX to the majority of Singapore's top markets decreased in June, except the United States.
"The outlook (for Singapore's economy) is definitely more pessimistic now", said Maybank Kim Eng economist Lee Ju Ye.
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Investors will also have an eye on USA industrial production and retail sales data for June, set to be released Tuesday morning. The White House's repeated threats to raise tariffs has made companies at home more hesitant and hurt trade internationally.
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