Singapore Non-oil Domestic Exports Fall the Most in Over 3 Years
Singapore's non-oil domestic exports (NODX) tumbles 15.9 percent year-on-year in May 2019, following a 10 percent plunge in April but better than market consensus of a 16.5 percent decline. It was the third straight month decrease in NODX and the steepest drop since March 2016, as sales of both electronics and non-electronics products fell faster. Sales of electronics plunged 31.4 percent (vs -16.3 pct in April), including ICs (-39.8 pct), disk media products (-42.4 pct), and parts of ICs (-54.2 pct). Meanwhile, those of non-electronics products declined (-10.8 pct vs -8.0 pct in April), such as civil engineering equipment parts (-92.4 pct), non-monetary gold (-72.4 pct), and petrochemicals (-14.7 pct). NODX decreased to: Taiwan (-34.7 pct); Japan (-31.2 pct); Indonesia (-25.4 pct), Hong Kong (-24.8 pct); China (-23.3 pct); Malaysia (-14.7 pct); South Korea (-12.1 pct); the EU (-10.0 pct); Thailand (-7.5 pct); and while they went up to the US (0.2 pct).
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