Singapore’s non-oil domestic exports (NODX) expanded by 7.0% y-o-y in July, extending from the 8.5% y-o-y growth seen in June.
The y-o-y growth was mainly attributable to the growth in non-electronics NODX, which increased by 6.1% y-o-y.
Specialised machinery (+12.2%), pharmaceuticals (+9.0%) and structures of ships & boats contributed the most to the growth in non-electronic NODX.
During the month, electronic NODX also expanded by 10.3% y-o-y. This was led by growth in integrated circuits (ICs), parts of ICs and disk drives, which rose by 18.5%, 83.2% and 110.2% respectively.
On a m-o-m seasonally adjusted basis, NODX increased by 1.4% to $17.8 billion, with growth in both electronics and non-electronics during the period.
In July, NODX to the top 10 markets rose as a whole, with the largest contributors being the EU 27, Malaysia and Taiwan with growths of 22.9%, 29.9% and 24.4% respectively.
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NODX to the EU 27 expanded thanks to the growth in pharmaceuticals (+87.3%), specialised machinery (+21.5%) and ICs (+52.5%). Meanwhile, NODX to Malaysia grew mainly due to ICs (+61.8%), non-monetary gold (+109.3%) and primary chemicals (+104.8%).
NODX to Taiwan grew in July due to specialised machinery (+66.1%), parts of ICs (+161.4%) and ICs (+5.8%).
During the month, NODX to China, Japan, Hong Kong and Thailand declined.
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NODX to emerging markets expanded by 34.1% in July. This was mainly due to the higher exports to CLMV or Cambodia, Laos, Myanmar and Vietnam (+90.3%), Latin America (+36.4%) and the Middle East (+29.4%).
NORX growth
In July, non-oil re-exports (NORX) grew by 25.2% y-o-y, easing from the 31.4% growth in June. 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 8.4% due to ICs (+10.9%), diodes & transistors (+33.8%) and personal computers or PCs (+39.1%).
Non-electronic NORX grew by 47.4% in July. This was mainly due to non-monetary gold (+775.5%), non-electric engines & motors (+81.0%) and specialised machinery (+102.3%).
On a m-o-m seasonally adjusted basis, NORX fell by 0.9% in July to $33.6 billion. Electronic NORX fell, while non-electronic NORX grew.
NORX to the top 10 markets as a whole rose in July, with the top three contributors being Indonesia (+76.5%), Malaysia (+39.3%) and the EU 27 (+45.6%).
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Oil domestic exports
Oil domestic exports grew by 97.1% in July on a y-o-y basis, extending the 66.2% expansion in June.
This was thanks to higher exports to Malaysia (+199.6%), Indonesia (+137.6%) and Australia (+83.1%).
In volume terms, oil domestic exports grew by 13.4% in July, following the 11.0% decrease in the previous month.
On a m-o-m seasonally adjusted basis, oil domestic exports rose by 11.7% in July, after the 3.0% decline in June.
Total trade
Total trade grew by 31.0% in July, slightly higher than the 30.8% expansion in June.
During the month, total exports expanded by 29.1% and total imports grew by 33.0%.
On a m-o-m seasonally adjusted basis, total trade rose by 3.3% to $127.4 billion.
