SINGAPORE: Singapore’s non-oil domestic exports (NODX), a key gauge of the export performance of the small and highly open economy, declined 8.4 percent in August on a year- on-year basis, International Enterprise (IE) Singapore said on Thursday.
The 8.4 percent slide of NODX in August, following a 0.7 percent decrease in the previous month, was due to the contraction in both electronic and non-electronic NODX, said IE. While NODX declined by 4.6 percent in August on a month-on-month seasonally adjusted basis, compared to the previous month’s 2.5 percent expansion.
The trade promotion agency said that electronic NODX declined by 2.7 percent in August year-on-year, compared to the 2.5 percent increase in the previous month.
Non-electronic NODX decreased by 10.6 percent in August, following a 2.0 percent decline in the previous month. The contraction in non-electronic NODX was led by petrochemicals, pharmaceuticals and structures of ships and boats.
NODX to all of the top 10 markets fell in August, except the United States, Thailand and China’s Hong Kong. The top contributors to the NODX contraction in August were China’s Taiwan, South Korea and the Chinese mainland.
Non-oil Re-exports (NORX) grew by 2.6 percent in August on a year-on-year basis, after the 4.5 percent rise in the previous month. The growth was due to the expansion in both electronic and non-electronic NORX, said IE.
Electronic NORX increased by 3.6 percent in August year-on-year, after the 6.4 percent rise in the previous month. Non-electronic NORX grew by 1.6 percent in August year-on-year, continuing the 2. 5 percent increase in July.
