NODX's decline narrows to 5.9% in November

Non-electronic NODX countered the weakening performance of electronic NODX.

NODX narrowed its contraction with a 5.9% YoY slip in November from the 12.5% decline last October, supported by the growth in non-electronics, according to data from Enterprise Singapore. 

The level of NODX reached $14.1b, higher than October's $13.3b. On a MoM basis, NODX grew by 5.8% in the same month, reversing the 3.1% dip in the previous month.

The contraction in electronic NODX widened to 23.3% YoY in November, following the 16.4% YoY decline in the previous month. ICs, PCs and disk drives contracted by 36.5%, 25.1% and 35.7%, respectively, which contributed the most to the decline in electronic NODX.

In contrast, non-electronic NODX inched up 1.3% over the same period, after the 11.2% decline in October. Non-monetary gold (+249.3%), specialised machinery (+15.5%) and non-electric engines & motors (+40.1%) led its performance.

Despite the narrowed decline of the overall NODX, majority of its top markets continued to see declines, with the exception of US, Thailand and Indonesia. The largest contributors to the NODX decline were Hong Kong (-27.6%), the EU 28 (-10.0%) and China (-6.8%).

On the other hand, NORI declined by $0.7b MoM from $6.2b to $5.6b in November. NORX edged up 2.4% YoY as non-electronic NORX countered the fall of electronic NORX.

As for total trade, it fell 5.9% YoY in November to a level of $86.7b, following the 9.8% decline to $84b in the preceding month. Total imports were down 5.8% over the same period, whilst total exports also declined 6%. Total trade rose 3.2% MoM in November 2019, after a 0.8% slip in October.