Singapore exports

Singapore
Non-oil domestic exports (NODX) in Singapore rose 6 percent on-year in August, bucking a three-month decline streak, due to an increase in non-electronic exports which outweighed the decline in electronic exports, trade agency International Enterprise (IE) Singapore said. The rise in NODX comes after a 3.3 percent contraction in the previous month and a 4.6 per cent contraction in June.

Non-electronic exports expanded by 12.1 percent in August, in contrast to the 1.1 percent decline in the previous month, led by a jump in petrochemicals (+39.9 percent) and pharmaceuticals (+26.9 percent) shipments.

Electronics, the key sector which drives the Singapore exports, however, continued to drop with a 6.9 percent on-year contraction after easing 7.9 percent in the previous month. The decrease was largely due to parts of PCs (-17.3 percent), integrated circuits (ICs) (-4.2 percent) and disk drives (-22.5 percent).

Nonetheless, the overall data showed that Singapore's exports remained sluggish at best as sales to key markets slowed. 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. On a month-on-month seasonally adjusted basis, NODX grew 7.6 percent in August, sharply above the previous month’s 2.5 percent expansion, as both electronic and non-electronic exports increased.