Singapore’s non-oil domestic exports (NODX) shrank 1.5% year on year in December 2023 after logging a 1% increase in the previous month, driven by continued weakness in shipment of electronics and slower growth in pharmaceuticals, Enterprise Singapore (EnterpriseSG) reported on January 17.
Singapore’s full-year Nodx contracts 13.1% in 2023 from the previous year – its worst annual showing since 2001 (Photo:straitstimes.com)
Singapore (VNA) ღ– Singapore’snon-oil domestic exports (NODX) shrank 1.5% year on year in December 2023 after logging a 1% increase in the previous month, driven by continuedweakness in shipment of electronics and slower growth in pharmaceuticals, EnterpriseSingapore (EnterpriseSG) reported on January 17.
Specifically, NODX fell 1.5% from a year ago. This is belowanalysts’ expectations of growth, with Bloomberg’s consensus forecast at 3%. Theseresults mean that Singapore’s full-year NODX contracted 13.1% in 2023 from theprevious year – its worst annual showing since 2001. According toEnterprise Singapore, export of electronics fell by 11.7% in December from ayear ago, improving slightly from a 12.8% contraction in November.Electronics shipments, which form about a fifth of Singapore’s NODX, have seen17 straight months of decline. Conversely, export of non-electronics grew by 1.4% year on year. This marks a second straightmonth of growth, but a drop from the 5.2% increase recorded in November. Exports toSingapore’s top 10 markets declined as a whole, led by falls in exports toTaiwan (China), the Republic of Korea, and Japan. But shipments to China, HongKong (China), the EU, and the US rose, with exports to the EU growing 8.6% –reversing the previous month’s decline of 21.7 %. Experts said that Singapore’s NODX performance will be aggravatedby supply chain disruptions from the Red Sea tensions and the drought in thePanama Canal, which have led to delays and a rise in logistics costs. EnterpriseSGin November predicted that Singapore’s NODX will grow between 2% and 4% in 2024./.
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Singapore’s full-year Nodx contracts 13.1% in 2023 from the previous year – its worst annual showing since 2001 (Photo:straitstimes.com) 
