Exports to Hong Kong plunged 21% in 2014

Due to much lower electronics sales.

Exports to Hong Kong recorded the biggest drop in 2014 among Singapore’s top ten export markets. Singapore’s non-oil domestic exports (NODX) to Hong Kong dropped a whopping 21% last year, data from the Ministry of Trade and Industry showed today.

The decline was on back of lower sales of parts of integrated circuits, aircraft parts and parts of PCs. Exports to Japan recorded the second-biggest decline at 7.4%, on back of declines in domestic exports of pharmaceuticals, disk media products and ICs.

Exports to South Korea fell by 4.3%, while exports to the European Union fell by 4%. The decline in NODX to the EU-28 was mainly due to lower domestic exports of ICs, PCs and parts of ICs.

By contrast, NODX to China expanded by 8.3% due to higher exports of petrochemicals, heating & cooling equipment and pumps. NODX to Malaysia grew by 7.4% thanks to increased shipments of petrochemicals, parts of PCs and diodes & transistors.

The top ten NODX markets accounted for 78 per cent of Singapore’s total NODX in 2014.For the full year, NODX declined by 0.7%, a smaller decline as compared to the 6% drop the year before.