Singapore’s Aug exports fall 20% year-on-year, more than forecast

SINGAPORE  – Singapore’s non-oil domestic exports (NODX) fell 20.1 percent year-on-year in August, official data showed on Monday, as both electronics and non-electronics exports to the United States, Europe and China declined.

The decline compared with a Reuters poll forecast of a 15.8- percent contraction, and continued the 20.3- percent contraction seen in July.

On a seasonally adjusted month-on-month basis, NODX decreased 3.8 percent, Enterprise Singapore data showed, versus the prior month’s 3.5 percent decline. Economists had forecast 5.5 percent growth.

Last month, Singapore narrowed its economic growth forecast to 0.5 percent to 1.5 percent this year from 0.5 percent to 2.5 percent, after it narrowly averted a recession in the second quarter when its economy expanded a seasonally-adjusted 0.1 percent.