According to the official data released by Enterprise Singapore (ESG), the City State’s non-oil domestic exports (NODX) in July increased at a decreasing rate of 7% YoY (year-on-year). It marked the 20th consecutive month expansion.
NODX increased over the year, mainly attributed to shipments of non-electronics.
To recap, the NODX registered a revised increase of 8.5% in June.
Exports (both electronics and non-electronics) to the top 10 markets as a whole grew, mainly due to the 27 European Union countries, Malaysia and Taiwan.
Meanwhile NODX to three countries registered a decline, namely China, Japan, Hong Kong and Thailand.
Whilst both electronics and non-electronics grew, NODX grew at a decreasing rate of 1.4% in July compared to the previous month’s revised 3.2 per cent growth, on a month-on-month seasonally adjusted basis,
The level of NODX reached S$17.8 billion in July, slightly higher compared to the previous month’s adjusted S$17.6 billion, on a seasonally adjusted basis.
On a year-on-year basis, electronic NODX rose by 10.3 per cent in July, following the 4.1 per cent growth in the previous month.
The three segments contributed the most growth in the electronic NODX are integrated circuits (18.5%), parts of integrated circuits (83.2%) and disk drives (110.2%).
Non-electronic NODX rose by 6.1% in July YoY, following the revised 10 per cent rise the previous month. Three categories which contributed most to non-electronic NODX are specialised machinery, pharmaceuticals and structures of ships and boats.
NODX to Malaysia rose by 29.9% in July, compared to 43% growth in June, attributed by integrated circuits, non-monetary gold and primary chemicals.
Exports to Taiwan grew by 24.4% in July, compared to 9.4% increase in June attributed by specialised machinery, integrated circuits and parts of integrated circuits.
Exports to emerging markets increased by 34.1% in July, vis-a-vis +30.3% in June. The rise in exports to emerging markets was mainly due to Cambodia, Laos, Myanmar, Vietnam, Latin America and the Middle East.
Total trade jumped by 31% in July, as compared to the expansion of 30.8% in June, on yearly basis.
Total imports rose by 33% versus +29.1%in total export .
