Felicia Tan Published on Tue, Aug 17, 2021
Singapore’s non-oil domestic exports (NODX) expanded by 17.2% in July, making this the eighth straight month of growth.
According to official data released on Aug 17 by trade agency Enterprise Singapore (ESG), July’s NODX was mainly due to growth in non-electronics; the electronics sector also logged growth for the month.
In July, electronic products increased by 15.0% y-o-y, mainly contributed by growth in personal computers (PCs), integrated circuits (ICs) and diodes & transistors which rose by 83.2%, 11.1% and 29.7% respectively.
Non-electronic NODX grew by 12.1% y-o-y in July as specialised machinery, pharmaceuticals and petrochemicals contributed the most to the sector’s growth.
On a seasonally adjusted month-on-month basis, NODX declined by 0.9% to $16.1 billion in July.
Non-electronic NODX grew while electronic NODX fell.
Singapore’s NODX to its top 10 markets rose overall in July, with the US being the only exception.
In July, the top contributors to the rise were China (+58.5%), the EU 27 (+61.5%) and Taiwan (+37.0%).
NODX to China were boosted by specialised machinery, non-monetary gold and petrochemicals, while NODX to EU 27 were due to civil engineering parts, specialised machinery and pharmaceuticals.
NODX to Taiwan were attributable to specialised machinery, ICs and measuring instruments.
NODX to emerging markets rose by 59.5% in July, mainly due to exports to South Asia (+94.6%), Cambodia, Laos, Myanmar and Vietnam (+71.4% collectively) and Latin America (+92.2%).
Meanwhile, Singapore’s non-oil re-exports (NORX)
Oil domestic exports rose by 40.3% y-o-y in July from a low base in 2020, and contributed by higher exports to Australia (+124.9%), Indonesia (+102.8%) and China (+94.1%).
In volume terms, oil domestic exports fell by 11.6% y-o-y following the 11.7% y-o-y growth in June.
Non-oil re-exports (NORX) grew 13.9% y-o-y in July, due to growth in both electronics and non-electronics.
Electronic NORX expanded by 19.6% in July due to ICs (+31.0%), diodes and transistors (+10.2%) and PCs (+18.3%).
Non-electronic NORX grew by 7.1% thanks to watches and clocks (+98.5%), specialised machinery (+40.8%) and nickel (+972.4%).
On a seasonally adjusted m-o-m basis, NORX fell by 0.6% in July to $25.8 billion, extending from the 9.4% decline in June.
NORX to the top 10 markets grew in July, with the top three contributors being Hong Kong (+35.2%), China (+37.4%) and Taiwan (+26.1%).
NORX to the EU 27, Malaysia and Japan declined in July.
During the month, total trade rose by 19.0% y-o-y boosted by a 16.4% in total exports and a 22.0% growth in total imports.
On a seasonally adjusted m-o-m basis, total trade fell by 1.2% in July to $93.6 billion, attributable to a 1.7% decline in total exports and a 0.5% decrease in total imports.
Photo: Bloomberg