NODX grew 6.5% in Q2

This was largely driven by a 132.7% surge in non-monetary gold exports.

Non-oil domestic exports (NODX) climbed 6.5% YoY in Q2 driven by growth in non-monetary gold and pharmaceutical exports, according to data from Enterprise Singapore. On a QoQ SA basis, NODX dipped 2.4% after a 7.3% rise in Q1.

Domestic exports of electronic products grew 10.6% YoY in 2Q 2020, after the 2.3% decline in the previous quarter. ICs, disk media products and telecommunications equipment jumped 20.0%, 46.7% and 9.9% respectively, and drove the overall growth.

Meanwhile, exports of non-electronic products expanded 5.4% following the 7.7% rise in Q1. The largest contributors to the growth in non-electronic NODX were non-monetary gold (132.7%) , pharmaceuticals (41.3%) and specialised machinery (28.1%).

NODX to the top markets as a whole rose, though exports to China, Hong Kong, Indonesia, Malaysia and Thailand declined. The biggest contributors to the NODX growth were the US (56%), Japan (75.8%) and South Korea (44.1%).

As a whole, the total merchandise trade fell 15.2% YoY, reversing a 0.5% uptick in Q1. Oil trade plunged 61.9% amidst lower oil prices YoY, whilst non-oil trade declined 3.3%.

At the same time, non-oil re-exports (NORX) dropped 6.6% following a 2.8% climb in the previous quarter. This was attributed to a 19% lower shipment of non-electronics, whilst electronic re-exports grew 7.4%.

Amidst better-than-expected performance for gold, pharma and electronics, Enterprise Singapore projected a more optimistic outlook for 2020, with total merchandise trade declining 8-10% and NODX expanding 3-5%.

“Global economic outlook remained uncertain, though global trade growth now less likely to reach the worst-case scenario earlier projected,” the report stated.