NODX decline narrowed to 11.2% in July

Both imports and exports continue to fall 6.3% and 5.8%, respectively.

The dip in July’s NODX has narrowed to 11.2% YoY, following the 17.4% YoY decline in June, according to Enterprise Singapore (ESG).

Also read: NODX down 17.3% in June

On a month-on-month seasonally adjusted basis, NODX rose 3.7% in July, reversing the 7.8% decline in the previous month. The level of NODX reached $13.4b in July, from $12.9b in June. In addition, non-oil retained imports of intermediate goods (NORI) were down by $0.1b on a seasonally adjusted (SA) basis to $5.8b in July.

Total trade fell 6% YoY in July, following the 7.3% decline in the preceding month. Imports and exports were down 6.3% YoY and 5.8% YoY, respectively. On a SA basis, the level of total trade hit $83.2b in July, from $84.8b in June.

Meanwhile, electronic NODX crashed 24.2% YoY in the same month, slightly better than the 31.9% decline in June. ICs, PCs and disk media products which contracted 24.2%, 35.5% and 25.3%, respectively, led the decline in electronic NODX. Non-electronic NODX was down 6.6% in July, easing from the 12.6% decline in the previous month, no thanks to pharmaceuticals (-32.7%), specialised machinery (-31.3%) and primary chemicals (-30.9%).

As for exports to other markets, NODX to Japan plunged 44.2% in July from 25.3% decrease in June. The decline was led by specialised machinery (-72.6%), ICs (-73.7%) and pharmaceuticals (-33.6%). Exports to Malaysia and Hong Kong also crashed 23.3% and 21.7%, respectively, in the same month.

NODX to emerging markets, such as Latin America, Cambodia, Laos, Myanmar and Vietnam (CLMV) and South Asia, also declined.

Furthermore, non-oil re-exports (NORX) were down 0.8% YoY as well, as electronic NORX dipped 2.1%. The decline was attributed to ICs (-5.9%), capacitors (-27.2%) and disk media products (-18.6%). In contrast, non-electronic products inched up 0.3% in July, reversing the 3.3% decline in June. Aircraft parts (+19.7%), piston engines (+42.1%) and personal beauty products (+16.5%) have led its growth.

On a SA basis, the level of NORX reached $22.3bin July 2019, lower than the $22.6b in June 2019.

ESG added that NORX to the majority of the top 10 markets as a whole slipped in July 2019, although the EU (+21.1%), Thailand (+16.9%), Japan (+13.0%), Taiwan (+17.8%), the US (+8.9%) and China (+4.3%) saw growth. The top three contributors to the decrease in NORX were Hong Kong (-19.0%), Indonesia (-23.3%) and South Korea (-6.4%).