Singapore’s electronic exports fell for 27th straight month in October

Exports slipped 3.6% last month.

The country’s electronics exports continued its downward slide in October. Singapore’s electronic non-oil domestic exports (NODX) fell 3.6% year-on-year in October, representing the the 27th consecutive month of decline.

According to UOB, the decline was brought about by weakness in PC-related exports. Exports of PC parts entered its 30th consecutive month of decline with a 26.7% slide in October.

Exports of parts of integrated circuits (ICs) slipped 59.2% year-on-year due to high base effect compared to the same period last year, while consumer electronics slipped for the 14th consecutive month with a 31.9% year-on-year decline.

Overall NODX fell 1.5% year-on-year in October, compared to the 0.9% year-on-year expansion in September.

“With October’s NODX figures, we still maintain our 2014 NODX growth forecast of -1.0% as electronic NODX continues to falter. Singapore’s trade agency forecast for Singapore’s 2014 NODX growth to between -2.0% and -1.0%. Our 1% contraction NODX forecast in 2014 implies that overall NODX growth in the Nov-Dec period will contract 0.2% y/y,” noted UOB.