Singapore’s non-oil domestic exports (NODX) fell by 8.3% on a y-o-y basis in March, extending the declines seen in January and February.
Both electronic and non-electronic NODX declined.
Electronic NODX fell by 22.3%, with integrated circuits (ICs), disk media products and parts of personal computers (PCs) contracting the most to the decline at 28.6%, 41.5% and 36.0% respectively.
Non-electronic NODX fell by 4.7% with non-monetary gold (-39.1%), petrochemicals (-23.1%) and food preparations (-24.2%) contributing the most to the decline.
On a m-o-m seasonally adjusted basis, NODX expanded by 18.4% to $15.7 billion as electronic and non-electronic NODX grew.
NODX to top 10 markets
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Singapore’s NODX to the top 10 markets declined as a whole in March with China, Taiwan and Malaysia being the largest contributors to the drop at 14.1%, 30.4% and 23.1% respectively.
NODX to China fell mainly due to the decline in petrochemicals (-32.6%), pharmaceuticals (-81.8%) and ICs (-39.2%) while NODX to Taiwan fell due to ICs (-28.4%), specialised machinery (-36.6%) and non-monetary gold (-72.2%). NODX to Malaysia fell as ICs (-17.6%), specialised machinery (-42.2%) and petrochemicals (-26.6%) declined.
NODX to emerging markets also decreased by 13.5%, extending the 3.3% decline in February.
Meanwhile, NODX to the US and South Korea rose.
NORX
Singapore’s non-oil re-exports fell by 6.1% on a y-o-y basis in March as non-electronics rose while electronics fell.
During the month, electronic NORX fell by 21.2% while non-electronic NORX grew by 13.5%. The contraction in electronic NORX was due to ICs (-25.6%), PCs (-34.5%) and disk media products (-51.2%). Non-electronic NORX expanded due to non-monetary gold (+193.9%), pharmaceuticals (+115.2%) and aircraft parts (+72.2%).
NORX to the top 10 markets as a whole fell in March with the top contributors being China (-18.3%), Hong Kong (-11.6%) and Taiwan (-19.6%)
On a m-o-m seasonally adjusted basis, NORX grew by 2.0% to $29.4 billion.
Total trade
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Total trade declined by 8.6% y-o-y in March as exports and imports decreased.
Total exports fell by 6.5% and total imports fell by 10.9%.
On a m-o-m seasonally adjusted basis, total trade rose by 8.0% to $104.0 billion.
