NODX climbed 3% in February

Both electronics and non-electronics exports recorded growth.

NODX continues to grow as it edged up 3% YoY in February, building on the 3.3% growth seen in January, according to data from the Enterprise Singapore (ESG). But on a monthly basis, NODX dipped 4.8% to $14b, reversing January’s 4.5% jump.

The rise was attributed to increases in both electronics and non-electronics exports. Electronics NODX inched up 2.5% YoY, posting a slight recovery from the 13% contraction in January, thanks to growth seen in disk media products, capacitors and parts of ICs.

Meanwhile, non-electronic NODX also rose 3.2% YoY in February, supported by specialised machinery (+74.1%), pharmaceuticals (+23.7%) and non-electric engines & motors (+37.3%).

But UOB stated that Singapore is unlikely to sustain these positive figures.

“It is imperative to note that February’s climb in NODX could have been positively affected by seasonal factors, especially given the low base during Lunar New Year festive in February 2019,” commented Barnabas Gan, economist as UOB.

NODX to the majority of the top markets increased in February, except for China and Hong Kong. The largest contributors to the NODX growth were the EU 28 (+43.0%), the US (+23.5%) and Japan (+61.7%).

In contrast, NODX to emerging markets dipped by 4.6% led by Latin America (-75.3%) and Central Asia (-1.2%).

“Moreover, it may also be argued that COVID-19 concerns had not fully been felt across several Singapore’s key trading partners such as the US and Europe,” Gan said.

On the other hand, non-oil re-exports (NORX) jumped 12.4% YoY in February as both electronic and non-electronic re-exports grew. Electronic NORX expanded by 16.6%, whilst non-electronic NORX grew by 8.7%.

Total trade grew by 5.7% YoY in February, after the 3.2% decline in January. Total exports edged up 2.4%, whilst total imports rose by 9.4%. On a MoM basis, total trade declined by 8.6%, after the 6.1% growth in January.