SINGAPORE (Dec 17): Singapore’s non-oil domestic exports (NODX) contracted 5.9% year-on-year in November, as a decline in electronic exports outweighed the growth in non-electronics.
According to data released on Tuesday by trade agency Enterprise Singapore, this marks the ninth consecutive month of a decline in the city-state’s NODX, albeit slightly better than October’s 12.5% decline.
On a month-on-month basis, NODX grew by 5.8%, following the previous month's 3.1% decrease. This came on the back of increases in both electronic and non-electronic domestic exports, according to data published Tuesday by Enterprise Singapore.
Segmentally, electronic NODX contracted by 23.3% y-o-y in November, following the 16.4% decline in October. The increase was spearheaded by integrated circuits (ICs), PCs and disk drives segments which registered declines of 36.5%, 25.1% and 35.7% respectively.
However, this was partially mitigated by non-electronic NODX, which grew by 1.3% in November. This was a rebound from the 11.2% decline reported in October. Key contributors to the increase were the non-monetary gold, specialised machinery and non-electric engines and motors segments, which booked increases of 249.3%, 15.5% and 40.1% respectively.
Enterprise Singapore noted that Singapore’s NODX to majority of the top markets declined in November, with the exception of the US, Thailand, Japan and Taiwan. It also said that the decline was attributable primarily to Hong Kong, the European Union and China, which registered contractions of 27.6%, 10% and 6.8% respectively.
Non-oil re-exports (NORX) increased 2.4% on a y-o-y basis, after the 2.3% decrease in October.
Non-electronic NORX for the month increased by 4.8% following a 0.3% growth in the previous month. However, electronic NORX declined by 0.2%, following the 5.0% decline in October.
The trade agency also noted that NORX to the majority of the top 10 markets grew in November, apart from Japan, Taiwan, the EU and Thailand.
On a y-o-y basis, total trade declined by 5.9% in November, following the 9.8% decline in the preceding month. Total imports decreased by 5.8% after the 10.3% decline in the previous month, while total exports fell by 6.0% following the 9.3% decline in October.
