NODX decline widens to 12.3% in October

Total trade and exports have dropped.

Singapore’s NODX have crashed 12.3% YoY in October, further widening from the 8.1% decline in September, according to data from Enterprise Singapore. Both electronic and non-electronic NODX have shown declines.

The level of NODX have reached $13.4b in October from $13.8b in September. On a MoM basis, NODX slid by 2.9% in October as compared to the 3.3% slip in September. Electronic NODX grew whilst non-electronics decreased.

In addition, NORI rose by $0.4b from $5.8b in the previous month to $6.2b.

Total trade have slipped 9.7% YoY in October, following a 5% YoY decline in September. Total imports were down 10.3% YoY, after the 4.8% dip in the previous month. Total exports decreased by 9.2% from 5.1% over the same period.

Electronic NODX dropped 16.4% YoY in October, compared to 24.8% crash in the previous month. This was blamed on the contraction of ICs, PCs and telecommunications equipment. As for the non-electronic NODX it also declined by 11% YoY in the same month from the 2.3% decline in the previous month, no thanks to the pharmaceuticals (-36%), petrochemicals (-19.2%) and primary chemicals (-47.3%).

The report also stated that NODX to the majority of the top markets decreased in October, except for Taiwan. The largest contributors to the NODX decline were Japan (-39.5%), the EU 28 (-13.2%) and the US (-10.5%).