Singapore’s Aug exports fall 20% y/y, more than forecast

SINGAPORE (Reuters) – Singapore’s non-oil domestic exports (NODX) fell 20.1% 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% contraction, and continued the 20.3% contraction seen in July.

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

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

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