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.
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