Singapore's Exports up 6% on-year in August
Singapore’s Exports up 6% on-year in AugustNon-oil domestic exports (NODX) in Singapore rose 6 per cent on-year in August, due to an increase in non-electronic exports which outweighed the decline in electronic exports.
The rise in NODX comes after a 3.3 per cent contraction in the previous month and a 4.6 per cent contraction in June, according to statistics released on Wednesday (Sep 17) by International Enterprise (IE) Singapore.
On a month-on-month seasonally adjusted basis, NODX increased by 7.6 per cent in August, following the previous month's 2.5 per cent expansion.
Electronic exports fell 6.9 per cent on-year in August, following the 7.9 per cent decline in the previous month. The decrease was largely due to parts of PCs (-17.3 per cent), integrated circuits (ICs) (-4.2 per cent) and disk drives (-22.5 per cent).
Non-electronic exports expanded by 12.1 per cent in August, in contrast to the 1.1 per cent decline in the previous month. The rise was led by petrochemicals (+39.9 per cent), pharmaceuticals (+26.9 per cent), and structures of ships and boats (+1,337.8 per cent).
On a year-on-year basis, NODX to all of the top 10 markets – except Hong Kong, Japan and Thailand – rose last month. The top three contributors to the rise were South Korea, Taiwan and China.
Non-oil re-exports (NORX) declined by 5.6 per cent on-year in August, after the 1.7 per cent contraction in the previous month, due to a decrease in both electronic and non-electronic re-exports.
Electronic re-exports fell by 7.8 per cent last month, following the 0.1 per cent decline in July. The contraction was due to ICs (-14.5 per cent), parts of PCs (-19.4 per cent) and telecommunications equipment (-1.2 per cent).
Non-electronic NORX decreased by 3.3 per cent, after the 3.3 per cent decline in the previous month. The contraction was due to jewellery (-71.6 per cent), civil engineering equipment parts (-46.2 per cent) and primary chemicals (-37.4 per cent).