Singapore’s non-oil domestic exports (NODX) declined by 3.4% y-o-y in the month of October, easing from the 13.2% contraction in September.
Both electronics and non-electronics NODX declined on a y-o-y basis, albeit less sharply than the previous month’s numbers from a low base in the year before.
Electronic NODX fell by 5.6%, contributed the most by integrated circuits (ICs), diodes & transistors and parts of personal computers (PCs), which contracted by 17.6%, 19.8% and 22.9% respectively.
Non-electronic NODX fell by 2.7% with food preparations (-41.7%), non-electric engines & motors (-55.4%) and electrical machinery (-29.7%) contributing the most to the decline.
On a m-o-m seasonally adjusted basis, NODX grew by 3.4% to $15.0 billion after the previous month’s 11.1% expansion. Both electronic and non-electronic NODX rose.
NODX to the top markets declined as a whole with Taiwan (-43.7%), the US (-13.8%) and South Korea (-14.7%) being the largest contributors to the decline.
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NODX to Taiwan fell due to specialised machinery (-65.4%), ICs (-22.1%) and measuring instruments (-30.0%) while NODX to the US fell due to food preparations (-69.5%), diodes & transistors (-73.7%) and pharmaceuticals (-34.3%). NODX to South Korean fell due to specialised machinery (-22.4%), telecommunications equipment (-25.1%) and measuring instruments (-42.0%).
This was mitigated by growth in NODX to China, the European Union (EU) 27and Hong Kong.
On a y-o-y basis, non-oil re-exports (NORX) rose by 2.5%, reversing from the 11.8% decline in September. This month, electronic and non-electronic NORX rose.
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Electronic NORX rose by 1.3% y-o-y due to ICs (+12.9%), other computer peripherals (+20.4%) and capacitors (+15.9%). Non-electronic NORX rose by 3.8% due to non-electric engines & motors (+36.9%), pharmaceuticals (+118.7%) and specialised machinery (+13.1%).
On a m-o-m seasonally adjusted basis, NORX grew by 2.8% to $30.9 billion.
NORX to the top markets fell in October with Malaysia (-28.1%), the EU 27 (-31.8%) and the US (-9.1%) being the top contributors to the contraction.
Oil domestic exports grew by 12.6% y-o-y in October after the 17.0% contraction in September.
Higher exports to Indonesia (+50.8%), Malaysia (+40.1%) and Australia (+54.9%) contributed the most to the y-o-y growth in oil domestic exports.
In volume terms, oil domestic exports expanded by 10.3% in October 2023, after the 19.3% contraction in the previous month.
On a m-o-m seasonally adjusted basis, oil domestic exports expanded by 23.1%.
Total trade grew by 0.3% y-o-y in October with total exports expanding by 2.8% and total imports declining by 2.3%.
Total trade grew by 5.3% on a m-o-m seasonally adjusted basis to reach $108.9 billion. Total exports rose by 6.3% m-o-m while total imports grew by 4.1% m-o-m.
