NODX exports dip 2.1% in January 2012

It's a bad start for Singapore as non-oil domestic exports careen off the 9% increase from last month.

The 3.3% uptick in non-electronic NODX was not enough to lift the 11% contraction of electronic NODX, a decline that was led by lower exports of PC parts, IC parts and PC units.

Also contributing to the downfall was depressed demand from NODX markets like EU 27, US and China.

International Enterprise (IE) Singapore reported:

On a year-on-year (y-o-y) basis, non-oil domestic exports (NODX) decreased by 2.1 per cent in January 2012, in contrast to the 9.0 per cent increase in the previous month, due to a decline in electronic NODX which outweighed the increase in non-electronic NODX.

On a y-o-y basis, NODX to the EU 27 (-14 per cent), Malaysia (-18 per cent), Indonesia (-12 per cent), the US (-5.4 per cent), China (-5.1 per cent), Taiwan (-8.2 per cent) and Hong Kong (-1.4 per cent) contracted in January 2012, while NODX to South Korea (+33 per cent), Thailand (+26 per cent) and Japan (+2.7 per cent) increased.

On a y-o-y basis, non-oil re-exports (NORX) contracted by 8.4 per cent in January 2012, following the 4.2 per cent decrease in the previous month, due to a decline in both electronic and non-electronic NORX.

On a y-o-y basis, NODX declined by 2.1 per cent in January 2012, in contrast to the 9.0 per cent growth in the previous month, due to a decline in electronic NODX which outweighed the increase in non-electronic NODX.

Electronic products. On a y-o-y basis, electronic NODX contracted by 11 per cent in January 2012, following the previous month’s 4.2 per cent contraction. The decrease in electronic domestic exports was largely due to lower exports of parts of PCs (-17 per cent), parts of ICs (-33 per cent) and PCs (-40 per cent).

Non-electronic products. On a y-o-y basis, non-electronic NODX expanded by 3.3 per cent in January 2012, following the 18 per cent increase in the previous month. The increase in non-electronic NODX was led by pharmaceuticals (+20 per cent), electrical machinery (+101 per cent) and civil engineering equipment parts (+83 per cent).