Singapore's key exports on track for gradual but uneven recovery: Analysts

Shipments shrink for 13th straight month, but 3.4% drop in Oct smaller than expected

- Sue-Ann Tan

The slump in Singapore's key exports eased again in October, with analysts tipping a gradual and uneven recovery back to growth in the months ahead.

Non-oil domestic exports (Nodx) fell 3.4 per cent in October from the same month a year ago, according to data released by trade agency Enterprise Singapore (EnterpriseSG) on Nov 17.

It marked the 13th straight month that shipments shrank on a year-on-year basis.

But the data beat the expectations of analysts polled by Bloomberg who predicted a drop of 6 per cent.

October's export decline was also much less than the 13.2 per cent fall in September.

In another sign of improvement, on a month-on-month seasonally adjusted basis, Nodx grew by 3.4 per cent in October, extending September's 11.1 per cent expansion.

EnterpriseSG noted that a low base helped electronic and nonelectronic exports to decline less sharply in October.

Electronic shipments dropped 5.6 per cent year on year, easing from the 11.6 per cent fall of the previous month.

The decline was led by integrated circuits, diodes and transistors, and parts of personal computers.