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Better September Export Growth, In Line With Other Asian Economies


Singapore exports for September have continued the trend of better than expected outcomes for export orientated economies in Asia (see the chart below, Singapore's line is in grey). In m/m terms exports were +1.1%, versus +3.3% forecast, although the August fall was revised down to -6.6% (originally reported as -3.8%). For Y/Y we saw -13.2%, against -15.0% forecast and -22.5% prior. Electronic exports were -11.6% y/y in September versus -21.1% prior.

  • The detail showed a modest rise in electronic exports in m/m terms, while y/y momentum looks to on the improve.
  • The improvement in non-electronic exports looks to be fairly broad based, with the volatile pharmaceuticals and petrochemicals sub-categories not accounting for the rise in September.
  • By country exports to China rebounded strongly in September, up 26.2% from -19.3% in August. Exports to the US were also higher +9.7% y/y from -32.4%. Other countries still saw negative export momentum in y/y terms.

Fig 1: Key Asia Economy Exports Y/Y - Better Trends In September

Source: MNI - Market News/Bloomberg

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