Non-oil exports experience significant decline, with electronics leading the slump
Singapore’s non-oil domestic exports (NODX) dropped by a surprising 20.1% in August, continuing the trend of declining shipments, primarily due to a sustained contraction in electronics exports, which have fallen for the 13th consecutive month. This marks a further extension of the previous month’s revised 20.3% decline and surpasses the 17.1% drop predicted by economists in a Bloomberg poll. Both electronics and non-electronics exports saw year-on-year declines. Economists suggest that the downturn in electronics is unlikely to reverse soon, with weak external demand expected to persist through the year’s end.
