​Recent Divergence in Singapore's Electronics Output and Domestic Exports Growth

Exhibit 1 shows Singapore’s electronics Index of Industrial Production (IIP) and electronics domestic exports (DX).

While electronics IIP and DX changes tend to track each other over time, there had been instances when divergences occurred. For the most recent case, the divergence occurred from the second quarter of 2013, where electronics output started to recover after several quarters of contraction but electronics DX remained weak. Even after deflating the electronics DX with export prices to obtain real electronics DX, the divergence between electronics output and electronics DX growth still exists.

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