Non-oil domestic exports fall 8.7% YoY in June

The decline in non-electronic NODX contributed largely to the drop. 

Non-oil domestic exports (NODX) fell 8.7% YoY and 0.4% MoM in June, extending the decline in May.

Enterprise Singapore (EnterpriseSG) attributed the contraction to the decline in non-electronics NODX. 

In June, non-electronic NODX declined 8.5% YoY. 

Non-monetary gold, specialised machinery and food preparations, which fell by 51.1%, 10.3%, and 16.3%, respectively, contributed the most to the dip in non-electronic NODX.

Electronic NODX likewise dipped, declining by 9.5% YoY. 

Telecommunications equipment (50.5% YoY),  disk media products (25.4%), and ICs (8.0%) dragged electronic NODX in June.

June also saw a contraction in NODX to Singapore’s top markets, with the US (-21.3% YoY), Hong Kong (-41.9% YoY) and China (-11.2% YoY) being the largest contributors to the decrease.

Non-oil re-exports (NORX) also fell in June, dipping 1.0% YoY.

Unlike NODX and NORX, oil domestic exports grew, climbing 9.2% YoY.

With a decline in total exports (-1.9% YoY) and growth in total imports  (4.7% YoY), total trade increased by 1.2% in June.