Latest Singapore export data disappoints, casting gloom on GDP numbers

SINGAPORE - The disappointing export data out on Friday morning missed analysts' forecasts, casting a shadow on the final third-quarter growth numbers which have yet to be released.

Non-oil domestic exports edged up only 0.6 per cent in September compared to the same period a year ago. Advance gross domestic product (GDP) numbers released earlier in the week showed that the economy grew an estimated 2.4 per cent in the third quarter.

ANZ noted that the better-than-expected performance in August appeared transitory while the electronics sector continued its decline.

Citi said that the hoped for manufacturing remains elusive with these latest numbers. Global demand seems to be easing, especially from Europe and Japan.

Both ANZ and Citi said the export numbers may result in the third quarter GDP numbers being revised downwards.

sushyan@sph.com.sg