On a downtrend: Singapore’s non-oil domestic exports fall in June

No thanks to a drop in electronic exports.

Overall trade in the country saw a marginal rise last month but non-oil domestic exports (NODX) fell by 4.6% year-on-year, following a 6.6% slip in May.

According to International Enterprise (IE), the decline should be blamed on the fall in electronic NODX due largely to ICs, PCs and parts of PCs.

Meanwhile, non-electonic NODX expanded mariginally by 1.3% in June, following the 2.4% decline in the previous month. The rise in non-electronic NODX was led by pharmaceuticals, petrochemicals and printed matter.

Here’s more from IE’s June trade report:

On a y-o-y basis, oil domestic exports expanded by 9.3 per cent in June 2014, after the preceding month’s 22.7 per cent increase. The y-o-y growth of oil domestic exports was mainly due to sales to Malaysia (+23.4 per cent), Australia (+55.5 per cent) and Viet Nam (+34.1 per cent). In volume terms, oil domestic exports grew by 8.7 per cent in June 2014, after the 19.0 per cent expansion in the previous month. On a m-o-m SA basis, oil domestic exports declined by 7.5 per cent in June 2014, in contrast to a rise of 6.0 per cent in the previous month.

On a y-o-y basis, NORX rose by 7.5 per cent in June 2014, compared to the 4.7 per cent contraction in the previous month, due to an increase in both electronic and non-electronic NORX. On a 3MMA y-o-y basis, NORX grew by 2.9 per cent in June 2014, following a 6.3 per cent expansion in the preceding month.