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Singapore's exports of petrochemicals and NDOX fell in October

Singapore's petrochemical shipments fell 19.2 per cent year-on-year to s $1.26bn ($926m) in October, while its total non-oil domestic exports (NODX) fell 12.3 per cent, according to official data released on Monday.

Shipments of petrochemicals fell more than the 10.6 per cent drop in September, according to Singapore enterprise group.

NODX fell to s $14.3 billion in October, with nine of its top 10 export destinations contracting. Exports to Taiwan, the only exception, rose 7.0 per cent in the month.

Exports to Japan fell 39.5 percent, the biggest drop in October in Singapore's main market, followed by Indonesia (-15.5) and the European Union (-13.2 percent).

Singapore is an export-dependent economy caught up in 16 months of trade tensions.

NODX exports to China and the us fell 5.5 per cent and 10.5 per cent respectively in October from a year earlier.

Singapore's factories have contracted for six straight months since may, and the purchasing managers' index is below 50.

The PMI reading for October was 49.6, up from 49.5 in September, according to SIPMM.

In the three months to September 2019, the economy recovered to a quarter-on-quarter growth pattern, avoiding a technical recession. GDP grew 0.6% from the previous quarter, after contracting 2.7% in the second.

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