Singapore’s non-oil domestic exports (NODX) fell by 4.6% on a y-o-y basis in October as non-electronics exports fell while electronics exports grew.
On a m-o-m seasonally adjusted basis, NODX fell by 7.4% to $13.6 billion as non-electronics fell.
Non-electronic NODX fell by 6.7% y-o-y as specialised machinery, pharmaceuticals and petrochemicals, which contributed the most to the decline, fell by 22.6%, 40.4% and 7.4% respectively.
Electronic NODX increased by 2.6% y-o-y thanks to integrated circuits (ICs), disk media products and other computer peripherals, which expanded by 16.6%, 96.4% and 236.1% respectively.
In October, NODX to Singapore’s top markets declined as a whole with China, the European Union (EU) 27 and Japan contributing the most to the drop.
NODX to China fell by 22.3% in October due to specialised machinery (-50%), ICs (-25%) and measuring instruments (-24.2%). NODX to the EU 27 fell by 21.4% due to pharmaceuticals (-46.5%), telecommunications equipment (-91.8%) and measuring instruments (-31.1%). Meanwhile, NODX to Japan fell by 23% due to personal computers (PCs), measuring instruments and specialised machinery, which contracted by 53.5%, 47.4% and 17.8% respectively.
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At the same time, NODX to Taiwan, Malaysia, the US, South Korea and Thailand grew.
NORX
Non-oil re-exports (NORX) rose by 7.5% y-o-y and 0.3% m-o-m to $31.7 billion in October. Electronics and non-electronics grew on a y-o-y basis with electronic NORX up by 6.9% and non-electronic NORX up by 8.2%.
The growth in electronic NORX was due to ICs, PCs and other computer peripherals, which rose by 5.1%, 102.8% and 138% respectively. Non-electronic NORX also increased thanks to non-monetary gold, electrical machinery and non-electronic engines and motors at 62.9%, 66% and 10.1% respectively.
On a m-o-m basis, non-electronics grew while electronics fell.
NORX to the top markets grew on the whole with Malaysia, the US and the EU 27 being the largest contributors at 20%, 23% and 23.7% respectively.
Oil domestic exports
Oil domestic exports fell by 29.9% on a y-o-y basis due to lower exports to Indonesia (-40.5%), Australia (-55.6%) and Malayisa (-31.6%). In volume terms, oil domestic exports fell by 13.1% while oil domestic exports decreased by 4.1% on a m-o-m seasonally adjusted basis.
Total trade
In October, total trade fell by 2% y-o-y and 1.8% m-o-m to $102.2 billion. Total exports fell by 1.3% y-o-y while total imports also decreased by 0.9%.
On a m-o-m basis, total exports fell by 2.4% while total imports declined by 1.1%.
