Singapore's non oil exports fell by 20% in August

 

Singapore is a developed nation. Singapore is the 35th biggest economy in the world and is the 19th leading exporter globally. Over the years, Singapore's exports have shown rapid rise. As per the Singapore import export data reports, the exports were $662 billion in 2019 while it goes up to $870 billion in 2022. As compared to the $782 billion worth exports in 2021, there was an increase of 11% in Singapore's overall exports. But in the latest financial year, there is a drop of 13% in Singapore’s non-oil exports.

Singapore’s important trading partners for exports are China, Hong Kong, United States, Indonesia and Malaysia. China and Hong Kong account for over 16% and 15% share in Singapore’s exports. Singapore's top export items are integrated circuits, refined petroleum, gold, medicaments, heavy machinery, photo lab equipment, office parts, gas turbines, etc. Singapore customs data shows integrated circuits cover over 16% share of the country’s overall exports. Hong Kong is the top importer of Singapore’s integrated circuits exports with over $40 billion worth of imports during FY 2022.

Although, there was a significant drop of 13% in Singapore’s electronics and non electronics items this year. In the first quarter of 2023, electronics items exports fell by 15%. The trend followed in the second quarter also, as it fell by 22%. Among electronics items, Computer parts exports show a massive decline of 45%. Whereas, Personal computers and Integrated circuits fell constantly by 38% and 31% respectively. 

Whereas, Singapore non-electronics products declined to 13% in the first quarter of 2023. While it further declined to 10% in the second quarter of 2023. According to the Singapore export data, the major decline was noticed in petrochemicals, machinery and basic chemicals sectors. In FY 2023, the primary chemicals exports fell to 54% followed by petrochemicals (30%) and machinery (10%) respectively.

Singapore's top declining markets were Indonesia, Malaysia and Taiwan. In 2023, the non-oil exports shipments to Malaysia fell by 30% while Indonesian imports dropped to 28% followed by Taiwan (21%). Not only non-oil items but the oil exports will also decline in 2023. The report shows Singapore's oil exports slipped to 30% in the Q2 of FY 2023. This shows the low demand in the global market. This year forecasts show that Singapore's exports will fall continuously whereas the exports to China and Japan will remain steady.

In terms of imports, Singapore's majority of the imports comes from China, Malaysia and Taiwan. The top imported items by Singapore are Integrated circuits, Refined Petroleum, Crude Petroleum, and Gold were the top imported goods by Singapore. Singapore import data shows that integrated circuits accounted for over $47 billion worth imports in FY 2022. Whereas, the drop was quite vast as compared to $30 billion in 2021. The forecasts suggest that the imports will decline further this year.

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