China Overtakes EU As Top Export Market For Singapore

Posted by: : Paul EbelingPosted on: January 19, 2014 China Overtakes EU As Top Export Market For Singapore

China Overtakes EU As Top Export Market For Singapore

China overtook the European Union (EU) as the top export market for Singapore in Y2013, according to statistics released Friday by trade agency International Enterprise Singapore.

Singapore’s non-Oil domestic exports (NODX), a Key gauge of the city state’s export performance, to China grew by 10.6% Y-Y to 23.5-B Singapore Sollars (US$18.5-B) in Y 2013.

In contrast, its NODX to the EU fell by 25.5% to 19.3-B Singapore Dollars (US$15.2-B), while its NODX to the United States fell 6.6% to 15.5-B Singapore Dollars (US$12.2-B). The United States remained Singapore’s 3rd  largest export market.

For the Y 2013 as a whole, Singapore’s NODX fell by close to 6% to 167.7-B Singapore Dollars (US$132-B).

Singapore’s total trade, including petrochemical products, fell by 4.8-B to 980.2-B Singapore Dollars (US$771.8-B) in Y 2013, with China overtaking Malaysia as its top trading partner.

Stay tuned…

HeffX-LTN

Paul Ebeling

The non-oil domestic exports in December rose by 6 percent year on year. The rise, which was better than market estimates, came after a surprise contraction of 8.9 percent in November.

The growth was attributed to an increase in non-electronic exports, which grew by 10.6 percent, in contrast to the decrease of 8.9 percent in the previous month.

Electronic exports, however, contracted by 3.1 percent in December, after the 8.9 percent decline in the preceding month.

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Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.
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