(Adds analyst comments from paragraph 3)
SINGAPORE, Feb 17 (Reuters) - Singapore's non-oil
domestic exports (NODX) declined 25% year-on-year in January,
led by falls in both electronics and non-electronic products.
This was a steeper decline than the 20.6% year-on-year fall
in December 2022 and compared with expectations for a 22.0% fall
in a Reuters poll.
OCBC economist Selena Ling said the drop was close to her
24.6% forecast, but would have been worse without growth in
pharmaceuticals. Pharmaceuticals exports almost doubled in
January to S$1.76 billion ($1.32 billion) from December.
On a month-on-month seasonally adjusted basis, NODX
increased 0.9% in January, following December's 2.9% drop.
Non-domestic oil exports to Singapore's top 10 markets
in January declined as a whole.
Exports to China fell 41.1%, due to lower shipments of
specialised machinery, petrochemicals and pharmaceuticals, while
exports to the United States fell by 31.5% due to declines in
sales of structures of ships and boats, specialised machinery
and food preparations.
“I expect 1Q23 to remain soft on slowing global demand
conditions and weak electronics momentum,” Ling said.
($1 = 1.3377 Singapore dollars)
(Reporting by Xinghui Kok
Editing by Ed Davies)
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