NODX up 5.8% in Q1

Non-electronic exports countered the lower exports seen on electronics.

Non-oil domestic exports (NODX) reversed the decline in the previous quarter as it edged up 5.8% YoY in Q1 from the 5.7% dip in Q4 2019, according to data from The Enterprise Singapore (ESG).

Also read: NODX up 9.7% in April

NODX of electronic products slipped 2.3% in Q1 as ICs, PCs and other electronic peripherals declined by 10.1%, 32.8% and 32.0% respectively. In contrast, the NODX of non-electronic products rose 8.1% YoY, thanks to specialised machinery (+54.1%), non-monetary gold (+27.1%) and pharmaceuticals (+17.9%).

The NODX to the top markets as a whole grew in the same quarter, except for exports to China, Hong Kong, Malaysia and Indonesia. The biggest contributors to NODX growth were the US (+23.1%), Thailand (+46.9%) and the EU 27 (+15.1%).

Meanwhile, non-oil re-exports (NORX) inched up 2.9% in Q1, attributed to the higher shipment of electronic re-exports, whilst non-electronic re-exports declined.

Electronic NORX rose by 6.8% YoY, driven by higher re-exports of ICs (+10.3%), diodes and transistors (+22.2%) and consumer electronics (+40.4%). Non-electronic products NORX declined by 0.6% YoY as there were lower re-exports of piston engines (-56.9%), petrochemicals (-31.0%) and alcoholic beverages (-29.3%).

As a result, non-oil exports (NOX) edged up 4% YoY in Q1. Singapore’s total merchandise trade grew by 0.6% YoY in the same quarter as non-oil trade grew, outweighing the decline in oil trade. Oil trade dropped 15.9% amidst lower oil prices, whilst non-oil trade grew by 4.5% in Q1.

ESG expects NODX to go down by around 1% to 4%, whilst total trade is projected to dip by 9% to 12% in 2020.