NODX slipped 10% in April

Electronic NODX contracted 16.3%.

Non-oil domestic exports (NODX) fell 10% YoY in April as both electronic and non-electronic exports decreased, according to Enterprise Singapore. The latest headline figure extends the 11.8% YoY decline in March.

On a MoM seasonally adjusted basis, NODX dipped 0.6% to $13.2b from $13.3b in March, following the previous month’s 14.3% contraction.

Electronic NODX declined 16.3% MoM which narrows the 26.7% contraction in March. ICs, disk media products and parts of ICs shrunk 21.2%, 31.3% and 51.7%, respectively, contributing the most to the decline in electronic NODX.

NODX decline for non-electronic products widened to 7.9% from 7.1% in the previous month. Pharmaceuticals (-46.6%), specialised machinery (-22.7%) and petrochemicals (-13.6%) contributed the most to the decline in non-electronic NODX.

Non-oil retained imports of intermediate goods (NORI) grew 17% to $6.7b from $5.5b in March. ESG noted that total trade increased YTD in April 2019 as growth in imports outweighed decline in exports. On a YoY basis, total trade increased by 3.2% in April 2019, whilst total imports grew 7.5%.