NODX down 4.5% in May

Whilst electronics exports rose 12.5%, non-electronics fell 8.8%.

Non-oil domestic exports (NODX) dipped 4.5% YoY in May to $14.2b, following the 9.7% growth in April to $14.9b, as weakness in non-electronics countered the uptick in electronics, according to data from the Enterprise Singapore (ESG).

On a MoM basis, NODX also slipped 4.5% in May following the previous month's 5.1% decline.

Electronic NODX jumped 12.5% YoY over the same period as ICs, disk media products and disk drives grew by 22.5%, 51.5% and 23.6%, respectively. Meanwhile, non-electronic NODX fell 8.8% YoY, no thanks to petrochemicals (-31.2%), food preparations (-24.5%) and non-electric engines and motors (-55.0%).

NODX to the top markets as a whole grew in May, though exports to the EU, Indonesia, China, Malaysia, Hong Kong and Thailand declined. The largest contributors to the NODX growth were the US (+50.6%), Japan (+52.9%) and Taiwan (+27.2%).

On the other hand, NODX to emerging markets crashed 38.7% YoY, mainly due to South Asia (-59.3%), Latin America (-53.9%) and the Middle East (-36.6%).

Non-oil retained imports (NORI) dipped $2.2b from $8.7b in April to $6.4b in May and non-oil re-exports (NORX) also slid 15.9% YoY in May 2020. Electronic NORX slipped 3.8%, whilst non-electronic NORX contracted by 27.1% YoY.

NORX to the majority of the top 10 markets dropped in May, except the EU. The top three contributors to the NORX fall were Malaysia (-21.2%), South Korea (-26.0%) and China (-9.5%). 

Furthermore, oil domestic exports plunged 76.2% YoY in May amidst lower oil prices. Lower exports to Malaysia (-85.3%), Indonesia (-81.7%) and Hong Kong (-76.3%) contributed to the YoY contraction of oil domestic exports. In volume terms, oil domestic exports crashed 48.9% in the same month.

Lastly, total trade fell 25% YoY in May, showing a steeper decline following the 12.9% dip in April. Total exports declined by 23.9% in May, whilst total imports went down 26.2% YoY.