NODX further expanded by 8.3% in September

It was fueled by the growth in the non-electronic segment.

Singapore’s non-oil domestic exports (NODX) grew further by 3.3 ppt to 8.3% YoY from its 5% expansion in August, Enterprise Singapore (ESG) revealed. The September expansion which pushed NODX to $15b was pushed by the growth in non-electronic NODX which overpowered the decline in electronics.

Meanwhile, NODX dipped 4.3% MoM amidst the decrease in both electronic and non-electronic NODX.

Electronic NODX continued to contract by 0.9% from its 1.5% decrease in September. PCs, diodes & transistors and parts of ICs slipped 22.7%, 22.5% and 41.7% respectively, contributing the most to the decrease in electronic domestic exports.

Meanwhile, non-electronic NODX jumped 11.9% in September, following the 7.8% rise in August. Pharmaceuticals (+67.5%), non-monetary gold (+23.7%) and food preparations (+33.9%) contributed the most to the growth in non-electronic NODX.

For non-oil retained imports of intermediate goods (NORI) jumped 22.22% to $6.6b from $5.4b in August.

Total trade further expanded by 0.2 ppt to 13.5% in September. Total exports rose 11.4% in September 2018, extending the 13.5% growth in August 2018 whilst total imports expanded by 16% in September, after the 13.2% rise in August.

According to ESG, NODX to the top 10 markets as a whole rose in September. However, shipments to China, South Korea, Malaysia, Taiwan, Japan and Hong Kong declined whilst the largest contributors to the NODX increase were the US (+41.5%), the EU 28 (+21.6%) and Thailand (+46.8%).

Oil domestic exports rose by 14.7% in September following the 35.9% expansion in August. Higher sales to Malaysia (+46.5%), Hong Kong (+48.7%) and Australia (+46.0%) contributed the most to the YoY increase of oil domestic exports.

Oil domestic exports dropped 14.2% in terms of volume, following the 0.8% decrease in August.

Non-oil re-exports (NORX) grew 13.3% in September following the 14.1% increase in August 2018 amidst the growth in non-electronic NORX which outweighed the decline in electronics.

Electronic NORX dipped 0.4% in September after the 1.2% rise in August 2018. The decrease in electronic NORX was due to disk media products (-45.8%), parts of PCs (-9.1%) and disk drives (-24.6%).

Meanwhile, non-electronic NORX expanded 28.4% in September, further pushing the 29.6% rise in August due to non-electric engines & motors (+134.5%), non-monetary gold (+158.1%) and aircraft parts (+58.5%).