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            october 23, 2019

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Busworld 2019


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Singapore exports up 0.2pc


Singapore's non-oil domestic exports (NODX) grew a less than expected 0.9 per cent in September while sales to Europe fell 3.6 per cent compared to a seven per cent jump in August,
Singapore's economy grew 1.2 percent in the third quarter from the previous three months on an annualised and seasonally adjusted basis, below a market forecast of 1.8 per cent.
On a month-on-month seasonally adjusted basis, such exports dropped 8.8 per cent, much weaker than the four per cent decline forecast in Reuters poll.
Growth in NODX to the US slowed to 1.1 per cent year on year in September compared to 5.1 per cent growth in August, said the city state's trade agency trade agency, International Enterprise Singapore.
"That's going to continue because we know that the situation over in Europe, in terms of economic growth, has no upside at all in sight," said United Overseas Bank economic Francis Tan.
Also, the American economy showed signs of losing steam with a decline in retail sales and producer prices down. That came amid fears of a possible recession in Europe and a slowdown in China.
Electronics exports in September decreased four per cent after easing 6.9 per cent in August. The sector has been lagging rivals in Korea and Taiwan because of stiff competition and a lack of popular high-tech products.
NODX of pharmaceuticals rose 8.1 per cent from a year ago, while petrochemicals shipments gained 16.5 per cent, according to Shipping Gazette.

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