Singapore Dec Exports: Largest drop in 14 months

IE Singapore said non-oil domestic exports to all top 10 markets contracted in December from a year earlier. Economists polled by Reuters had expected non-oil domestic exports to fall 7.5 percent year-on-year but rise 6.2 percent
month-on-month after seasonal adjustments. The drop in exports was partly due to a high year-ago base when exports were boosted by a surge in rig deliveries. Electronics exports fell 19.1 percent year-on-year in December and pharmaceutical shipments contracted 11.5 percent, IE Singapore said.

Non-oil domestic exports totalled S$13.19 billion ($10.78 billion) in December, down from S$14.22 billion in November. Singapore’s monthly exports tend to be unpredictable because a significant portion involves inputs for pharmaceuticals and oil rigs, which can vary sharply from month to month.

Reuters

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.