SINGAPORE- Singapore’s exports fell for a 12th straight month in September on a year-on-year basis as the trade-reliant economy grappled again with global headwinds on inflation and declining demand.
Singapore’s non-oil domestic exports (NODX) fell 13.2 percent in September from the same month a year earlier, data on Tuesday showed, as both electronic and non-electronic exports to its top 10 markets declined.
Last month’s fall compared with a Reuters poll forecast of a 14.7 percent drop, and extended the 22.5 percent contraction seen in August.
There were, however, some “green shoots” in some markets, said OCBC economist Selena Ling, adding that September’s data suggested some stabilization.
Non-oil shipments to China grew 26.2 percent . Non-oil exports to Hong Kong also grew 55 percent , and to the US by 9.7 percent .
On a month-on-month seasonally adjusted basis, NODX grew by 11.1 percent in September, after decreasing 6.6 percent in August.
