Singapore’s non-oil domestic exports are the lowest in a decade

In January, Singapore’s non-oil domestic exports fell 25% year-over-year, the greatest annual decline in a decade.

The reduction was driven by Singapore’s non-oil exports to its main markets, with shipments to China decreasing by more than 41%, to the U.S. by 31.5%, and to Hong Kong by more than 55% for the month.

The number is the fourth consecutive drop and the worst loss since February 2013, when the economy saw a decline of more than 30%.

Moreover, non-oil retained exports decreased 10.4% in January, following a 7.2% drop in December. Overall commerce likewise decreased by 10.4% annually, with exports falling 9.6% and imports falling 11.1%.

After the announcement, the Singapore currency dropped slightly, and the Straits Times index traded modestly higher on Friday morning.

Keep Reading

The poor trade report arrives only days after Singapore presented its most recent annual budget. In an exclusive interview with CNBC, Finance Minister and Deputy Prime Minister Lawrence Wong stated that the administration tried to find a “delicate balance” between combating inflation and guaranteeing fiscal prudence.

Alex Holmes, a senior economist at Oxford Economics, described the January trade statistics as “alarming.”

Oxford Economics forecasts that Singapore’s GDP would expand by 0.7% for the whole year.

“We predict GDP growth to come in towards the bottom of the government’s 0.5%-2.5% forecast in 2023 due to the weakness of trade,” he added.

He highlighted that the value of locally made chip exports fell below the lows reached during the early phases of the epidemic, and that a “turn in the semiconductor cycle” continues to harm exports.

“Falling export revenues are expected to impact on domestic demand, halting corporate investment and employment development,” he warned.

Read More: UAE’s Abrahamic Family Home opens with synagogue, mosque, and church

Katherine S

1/4 German, 3/4 Malaysian. I write, follow and monitor closely political news happening in Malaysia, and other happening news in the ASEAN region. Newswriter for the best ASEAN news website - The Asian Affairs.

Recent Posts

One Piece Unveils Revamped Fish-Man Island Saga with New Opening Theme as Anime Prepares for 2025 Return

One Piece offers a new take of the legendary Fish-Man Island arc, so fans are in for a nostalgic trip…

November 4, 2024

Johor to Pioneer Premium Salaries for Skilled Workers as Malaysia’s First State Initiative under Johor-Singapore SEZ

Particularly in areas related to the forthcoming Johor-Singapore Special Economic Zone (JS-SEZ), Johor is poised to become the first state…

November 4, 2024

China-Japan Diplomatic Groundwork Laid Ahead of Anticipated Xi-Ishiba Summit in South America

China and Japan are getting ready for what would be a historic meeting between Chinese President Xi Jinping and freshly…

November 4, 2024

Philippines Triumphs with Fifth Consecutive East Asia Baseball Cup Title

Celebrating their fifth straight East Asia Baseball Cup title, the Philippines men's baseball team savored a historic triumph. Sunday in…

November 4, 2024

Japan’s Bold “Conveyor Belt Road” to Solve Truck Driver Shortages with Automated Cargo Transport

Officially known as an "auto flow road," the government of Japan has presented plans for a revolutionary "conveyor belt road,"…

November 3, 2024

China and UAE Celebrate 40 Years of Diplomatic Relations: All the Sectors for Partnership

Celebrating 40 years of diplomatic ties, China and the United Arab Emirates (UAE) are poised to fortify an alliance that…

November 2, 2024

This website uses cookies.

Read More