NODX dropped 15.9% in May

Electronic exports contracted 31.4% YoY.

Non-oil domestic exports (NODX) dipped 15.9% YoY in May, extending the 10% decline reported in April as both electronic and non-electronic exports decreased, according to Enterprise Singapore (ESG).

On a MoM seasonally adjusted basis, NODX edged up 6.2% to $14.1b from $13.2b in April, following the previous month’s 0.7% contraction.

Electronic NODX fell 31.4% YoY, continuing April’s 16.3% decline. ICs, disk media products and parts of ICs slipped 39.8%, 42.4% and 54.2%, respectively, contributing the most to the dip in electronic NODX.

The NODX decline for non-electronic products widened to 10.8% from 8% in April. Civil engineering equipment parts (-92.4%), non-monetary gold (-72.4%) and petrochemicals (-14.7%) contributed the most to the dip in non-electronic NODX.

Meanwhile, non-oil retained imports of intermediate goods (NORI) decreased by $1.3b from $6.6b in April to $5.3b. ESG noted that total trade slipped 0.5% in May after the 7.6% rise in April, with total exports decreasing 3.4% following the 0.5% decline in the previous month.

Non-oil re-exports (NORX) edged up 5.1% in May, continuing the 7.7% expansion recorded in April, thanks to the growth in both electronic and non-electronic re-exports. Electronic NORX rose 5.4% YoY due to ICs (7.5%), telecommunications equipment (23.8%) and parts of PCs (12.4%). Non-electronic NORX inched up 4.7% YoY due to non-electronic engines & motors, piston engines and pharmaceuticals which climbed 69.8%, 247.9% and 58.4%, respectively.