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NODXNon-Oil Domestic Exports (Singapore)
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They are most pessimistic about non-oil domestic exports, expecting shipments to contract by 9.2 percent, much worse than their June prediction of a 2.1 percent decline.
Last year, Singapore's non-oil domestic exports to the United States recovered from three consecutive years of contraction to post a positive 6.4 percent growth, while similar exports to Japan expanded 7.7 percent in 2004 ebbing slightly from the 10 percent increase in 2003.
On a three-month moving average basis, non-oil domestic exports for September saw a marginal expansion of 1.4 per cent against the August growth rate of 2.8 per cent.
The trade-dependent Southeast Asian city-state said yesterday non-oil domestic exports fell 10.6 per cent from a year earlier, hurt by a 10.4 per cent drop in electronics and a 28.7 per cent plummet in shipments to the EU, its largest market.
Non-oil domestic exports for 2009 are expected to contract by 10 to 13 per cent, from an earlier projection of a 9 to 11-per-cent decline, International Enterprise (IE) Singapore, a government trade agency, said.
August non-oil domestic exports in Singapore are believed to have declined 6.7 percent on an annual basis as weak external demand meets a high base of comparison, while Taiwan exports orders are unlikely to show pickup in August.
However non-oil domestic exports to China rose by 39.5%, Indochina by 29.5%, South America by 79.9%, the Middle East by 21.2% and Eastern Europe by a whopping 164.8%.
Singapore's non-oil domestic exports are forecast to remain at 2.4 percent in June on an annual basis, and Taiwan's June export orders are expected to decline by 3.6 percent on an annual basis.
Singapore's non-oil domestic exports (NODX) to the United States, its biggest market, turned positive in July after months of decline, according to government data released Friday.
Singapore's non-oil domestic exports totaled $S46.6 billion (about $26.9 billion) in the first half of this year, down 7.9% from the same period last year, the government said Tuesday.
Dealers said the recent weak data for non-oil domestic exports fueled concern the Singapore economy will take longer to recover.
Singapore's non-oil domestic exports (NODX) remained weak in May, falling 6.8% on a year-on-year basis after growing almost as much last month, according to official trade data released Monday.
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