NODX rockets to 8.3% growth in April

Returning confidence in some major markets helped non-oil domestic exports recover after it shriveled 4.3% last month.

Electronic and non-electronic products both performed well, with exports as wide-ranging as telecommunications equipment to disk drives to pharmaceuticals all recording stellar growth.

Here's more from International Enterprise Singapore:

On a y-o-y basis, non-oil domestic exports (NODX) grew by 8.3 per cent in April 2012, in contrast to the 4.3 per cent decline in the previous month. On a 3-month moving average (3MMA) y-o-y basis, NODX expanded by 10 per cent in April 2012, following the 6.1 per cent increase in the previous month.

On a month-on-month seasonally adjusted (m-o-m SA) basis, NODX increased by 13 per cent in April 2012, compared to the previous month’s contraction of 17 per cent, due to an increase in both electronic and non-electronic NODX. On a SA basis, the level of NODX reached S$16 billion in April 2012, higher than the S$14 billion registered in the previous month.

On a SA basis, non-oil retained imports of intermediate goods2 (NORI) decreased by S$133 million from S$5,932 million in March 2012 to S$5,799 million in April 2012. 

Electronic products. On a y-o-y basis, electronic NODX grew by 1.0 per cent in April 2012, following the previous month’s 2.8 per cent expansion. The increase in electronic domestic exports was largely due to higher exports of ICs (+9.1 per cent), telecommunications equipment (+94 per cent) and disk drives (+33 per cent).

Non-electronic products. On a y-o-y basis, non-electronic NODX expanded by 12 per cent in April 2012, compared to the 7.8 per cent decline in the previous month. The increase in non-electronic NODX was due to higher exports of pharmaceuticals (+38 per cent), specialised machinery (+37 per cent) and petrochemicals (+15 per cent).

Non-Oil Domestic Export Markets. On a y-o-y basis, NODX to all of the top 10 NODX markets, except the US and the EU 27, increased in April 2012. The top three contributors to the NODX expansion in April 2012 were the Japan (+124 per cent), Hong Kong (+28 per cent) and South Korea (+42 per cent).

NODX to Japan increased by 124 per cent in April 2012, following the previous month’s expansion of 6.2 per cent, led by pharmaceuticals (+904 per cent), disk media products (+52 per cent) and ICs (+34 per cent). NODX to Hong Kong rose by 28 per cent in April 2012, following the preceding month’s 15 per cent expansion due to higher exports of telecommunications equipment (+330 per cent), ICs (+28 per cent) and parts of PCs (+75 per cent). NODX to South Korea increased by 42 per cent in April 2012, following the 34 per cent rise in the previous month, due to higher exports of specialised machinery (+343 per cent), petrochemicals (+349 per cent) and measuring instruments (+125 per cent).

NODX to emerging markets decreased by 4.8 per cent in April 2012, following the 43 per cent contraction in the previous month. The decline in NODX to the emerging markets was due mainly to the Middle East.