Singapore's non-oil exports unexpectedly contracted in November, mainly as a result of a sharper reduction in shipments of electronic products, data published by International Enterprise (IE) Singapore showed Monday.
Non-oil domestic exports (NODX) contracted 2.5 percent year-on-year in November against expectations for a 1.2 percent rise. This follows 7.9 percent increase in the previous month.
NODX to all the top 10 markets, except China, Thailand and the EU 27, declined in November. The top three contributors to the decrease were Hong Kong, Malaysia and the U.S. Compared to October, exports decreased 0.3 percent, following the previous month's 1.2 percent contraction.
Exports of electronic products fell 16.5 percent year-on-year in November, faster than 0.8 percent decline in the previous month. Non-electronic exports, meanwhile, expanded 6.3 percent.
On Sunday, Singapore completed final negotiations on a free trade agreement (FTA) with the European Union, in an effort to boost trade with the 27-member union. According to IE Singapore data, NODX to EU 27 expanded 0.5 percent in November, but slower than 8.9 percent in October.
Singapore's Ministry of Trade and Industry said yesterday that under the agreement, the EU will eliminate tariffs on all imports from the island over a period of five years and 80 percent of the tariff lines will be covered upon entry into force of the agreement.
The city-state's exporters of electronics, pharmaceuticals, chemicals and processed food products in particular will benefit from the removal of the EU's tariffs. The country will grant immediate duty-free access for all imports from the EU, the ministry said.
Singapore is the EU's 13th largest trading partner in terms of goods trade and the EU's largest trading partner in the Association of South-East Nations (ASEAN). EU-Singapore trade in goods and services each grew by some 40 percent between 2009 and 2011, according to the European Commission.
Last month, IE Singapore lowered the NODX estimates for this year and said non-oil shipments may grow 2-3 percent in 2012 and 2-4 percent in 2013. According to the trade promotion agency, possible downside risks include the looming U.S. 'fiscal cliff' and further slowdown in the Eurozone economy.
According to official data, the economy contracted a seasonally adjusted 5.9 percent in the third quarter compared to the previous three months.
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