Singapore’s recession deepens with non-oil domestic output (NODX) falling 12% in October, following a 5% decline in September.
Trade statistics released by authorities today (Nov 17) revealed that the European market led the decline with a -28.6% intake, followed by Japan’s -19.9%, and Indonesia’s -13.1%. Only Taiwan registered a 19.4% increased intake and Hongkong’s 7.4%.
The numbers seems to suggest that China has overtaken the supply of Singapore products to its rising domestic market and the Malaysian market. The declining export to Singapore’s biggest export partners, China and Malaysia, trend over the years appears irreversible for Singapore.
Singapore’s total employment figures fell 3,300 in October with a 3.0% unemployment rate. The Singapore government has been blaming weak global demands for the decline in employment and also chiding Singaporeans for not upgrading to make themselves more employable.