Singapore Economy

Economy: Singapore's key non-oil exports unexpectedly declined in Sep as electronics shipments fell more sharply than in previous months. Exports of goods fell 3.4% yoy, after falling a revised 10.7% in Aug. The median estimate was for Sep exports to have expanded 2.3% yoy. Compared with the previous month, exports rose 1.6% in seasonally adjusted terms, after contracting 9.1% on month in Aug. Consensus had projected a median 4.4% expansion in Sep. Electronics exports declined 16.4% on year, after falling 11.0% in Aug, while non-electronics shipments grew 4.2%, reversing a 10.5% fall last month. In the non-electronics sector, pharmaceutical exports fell 3.0%, after falling 3.2% in the previous month. Spore’s shipments to the EU, its biggest export destination, fell 15.7% yoy in Sep, less severe than a 28.7% on-year fall in the previous month. Exports to the U.S. fell 7.2% on year after growing 0.7% in Aug. Exports to China, however, rose 1.8% after the previous month's revised 4.5% decline.