Singapore’s non-oil domestic exports (NODX) declined by 8.7% on a y-o-y basis in June, after May’s 0.7% decrease.
The decline was attributed mainly to non-electronic products, which fell by 8.5%. Non-monetary gold, specialised machinery and food preparations fell by 51.1%, 10.3% and 16.3% respectively, contributing the most to the decline in non-electronic NODX.
Electronic NODX also fell but from the high base in June 2023. This month, electronic NODX fell by 9.5% y-o-y. Telecommunications equipment, disk media products and integrated circuits (ICs) declined by 50.5%, 25.4% and 8.0% respectively, contributing the most to the decline.
On a m-o-m seasonally adjusted basis, NODX decreased by 0.4% in June to $13.8 billion. Electronics declined while non-electronics grew.
NODX to the top markets fell in June with the largest contributors being NODX to the US, Hong Kong and China.
NODX to the US fell by 21.3% due to disk media products (-67.1%), food preparations (-42.0%) and telecommunications equipment (-56.2%). Meanwhile, NODX to Hong Kong contracted by 41.9% due to due to non-monetary gold (-84.8%), ICs (-27.9%) and measuring instruments (-79.1%).
See also: Analysts maintain positive outlook on manufacturing sector in 2024 despite slowdown in IP
NODX to China declined by 11.2% due to non-monetary gold (-99.5%), electrical circuit apparatus (-47.7%) and diodes & transistors (-31.3%).
At the same time, NODX to Malaysia, Thailand, the European Union (EU 27) and Indonesia grew.
NORX
Non-oil re-exports (NORX) fell by 1.0% on a y-o-y basis in June as non-electronics declined while electronics grew.
Non-electronic NORX fell by 5.2% due to copper, electrical machinery and alcoholic beverages, which declined by 74.2%, 23.8% and 28.2% respectively.
Electronic NORX rose by 2.6% thanks to personal computers (PCs), parts of PCs and disk media products, which grew by 175.2%, 63.1% and 56% respectively.
On a m-o-m seasonally adjusted basis, NORX fell by 5.3% to $29.5 billion. Both electronics and non-electronics declined.
NORX to the top markets as a whole fell in June. The largest contributors to the decline in NORX were South Korea (-19.7%), Hong Kong (-6.0%) and the US (-12.1%).
Oil domestic exports
Oil domestic exports grew by 9.2% y-o-y in June with higher exports to Indonesia (+40.2%), Australia (+54.3%) and Marshall Islands (+34.8%) contributing the most to the y-o-y growth.
To stay ahead of Singapore and the region’s corporate and economic trends, click here for Latest Section
In volume terms, oil domestic exports declined by 3.2%.
On a m-o-m seasonally adjusted basis, oil domestic exports fell by 11.1%.
Total trade
Total trade rose by 1.2% y-o-y in June. During the month, total exports fell by 1.9% while total imports rose by 4.7%.
On a m-o-m seasonally adjusted basis, total trade fell by 4.2% to $103.5 billion. Total exports and imports fell by 5.1% and 3.2% respectively.
