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Singapore's November Exports Fall 4.9% In Year's Biggest Drop

The analysts said they expected exports from the city-state to rise 3.6% year-on-year in 2020, below the government's official forecast range of 4% to 4.5% growth.

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Singapore's November non-oil domestic exports (NODX) fell 4.9% from a year earlier, its biggest drop since November 2019, mainly due to lower shipments of petrochemicals and pharmaceuticals.

The drop followed a 3.1% decrease in October.

Trade-dependent Singapore is often seen as a bellwether for the health of the global economy and OCBC Bank analysts said the data highlighted "the still-fragile state of recovery that global trade is expected to face in the coming year."

The analysts said they expected exports from the city-state to rise 3.6% year-on-year in 2020, below the government's official forecast range of 4% to 4.5% growth.

On a seasonally adjusted month-on-month basis, exports rose 3.8% in November after a 5.4% contraction the previous month, Enterprise Singapore said in a statement.

(Reuters)


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singapore NODX pharmaceuticals ocbc bank global economy