SINGAPORE: Singapore’s non-oil domestic exports (NODX), a key gauge of the export performance of the small and highly open economy, increased by 11.6 percent in May year-on-year, said International Enterprise (IE) Singapore on Friday.
Contrasting to the 7.9 percent decrease in the previous month, the increase in May was due to the expansion in non-electronic NODX which outweighed the decline in electronic NODX, IE Singapore said.
On a monthly basis, NODX rose 16.8 percent in May, following April’s 4.5 percent growth. The trade promotion agency said the increase was due to an increase in both electronics and non-electronic NODX.
IE Singapore said electronic NODX contracted by 6.0 percent in May year-on-year, following the 7.4 percent decline in the previous month. The decrease in electronic domestic exports was largely due to ICs, PCs and parts of PCs.
While non-electronic NODX expanded by 19.0 percent in May year-on-year, in contrast to the 8.1 percent decline in April. The rise in non-electronic NODX was led by prefabricated buildings, non-monetary gold and pharmaceuticals.
IE Singapore revealed that NODX to all of the top 10 NODX markets rose in May on a year-on-year basis, except the EU 28, China, South Korea, China’s Hong Kong, Indonesia, Thailand and Japan. The largest contributors to the NODX increase were the U.S., China’s Taiwan and Malaysia.
Non-oil re-exports (NORX) contracted by 2.8 percent in May year-on-year, following the 3.0 percent decrease in the previous month, said IE Singapore. The drop was due to a decline in electronic NORX which outweighed the increase in non-electronic NORX.
Electronic NORX contracted by 7.9 percent in May year-in-year, following the 6.7 percent decline in the previous month. The decrease in electronic NORX was due to ICs, parts of PCs and PCs, IE Singapore said.
While non-electronic NORX rose 2.7 percent in May on a year-on-year basis, following the 1.3 percent increase in April. The expansion in non-electronic NORX was due to non-monetary gold, aircraft parts and copper.
