Singapore’s non-oil domestic exports (NODX) expanded by 3.1% y-o-y in September, moderating from the 11.4% y-o-y growth seen in August.
During the month, non-electronics exports increased while electronics decreased due to the high base in the same period the year before.
Non-electronics NODX rose by 7.6% y-o-y, extending the 16.9% growth seen in the previous month. This was led by growth in pharmaceuticals (+22.4%), measuring instruments (+34.2%) and non-monetary gold (+22.2%).
Electronics NODX fell by 10.6% y-o-y following the 4.5% decline in August. The decline was mostly due to declines in integrated circuits (ICs), disk media products and parts of personal computers (PCs), which fell by 12.0%, 42.7% and 22.3% respectively.
On a m-o-m seasonally adjusted basis, NODX fell by 4.0% to $16.5 billion, with declines in both electronics and non-electronics during the period.
In September, NODX to the top 10 markets declined as a whole, though NODX to most of Singapore’s top markets including Indonesia, the US and Thailand rose.
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The largest contributors to the decline in NODX were China and Hong Kong, which fell by 33.8% and 16.7% respectively.
NODX to China fell in September following the 18.2% decrease in August due to non-monetary gold, petrochemicals and ICs, which fell by 99.2%, 25.0% and 38.6% respectively.
NODX to Hong Kong fell after the 31.0% decline in August. This was due to ICs, disk media products and electrical circuit apparatus, which fell by 14.7%, 72.0% and 62.8% respectively.
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NODX to emerging markets expanded by 37.3% in September. This was mainly due to the higher exports to CLMV or Cambodia, Laos, Myanmar and Vietnam (+102.9%), Latin America (+39.9%) and South Asia (+8.7%).
NORX growth
In September, non-oil re-exports (NORX) grew by 20.2% y-o-y, following the 14.9% increase in August. The growth in NORX during the month was thanks to expansions in both electronics and non-electronics.
On a y-o-y basis, electronic NORX grew by 18.0% due to ICs (+20.3%), telecommunications equipment (+32.7%) and diodes & transistors (+14.2%).
Non-electronic NORX grew by 22.9% in September. This was mainly due to non-electric engines & motors (+64.6%), non-monetary gold (+36.4%) and specialised machinery (+44.7%).
On a m-o-m seasonally adjusted basis, NORX rose by 6.8% to $33.5 billion with increases in both electronic and non-electronic NORX.
NORX to the top 10 markets as a whole rose during the month, with the top three contributors being South Korea, Indonesia and the US with expansions of 66.0%, 42.0% and 31.8% respectively.
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Oil domestic exports
Oil domestic exports grew by 56.3% in September on a y-o-y basis, extending the 72.2% expansion in August.
This was thanks to higher exports to Indonesia (+100.2%), Malaysia (+39.5%) and Liberia (+95.6%).
In volume terms, oil domestic exports grew by 20.2%.
On a m-o-m seasonally adjusted basis, oil domestic exports fell by 10.7% in September, following the 9.4% decrease in August.
Total trade
Total trade grew by 20.7% in September, with total exports expanding and by 20.1%. Total imports also grew by 21.4% y-o-y during the month.
On a m-o-m seasonally adjusted basis, total trade fell by 1.5% to $116.5 billion.
