Singapore’s NODX sharply plunged 10.6% in July 2016

Blame it on weak electronics and non-electronics export.

Singapore’s non-oil domestic exports (NODX) dove 10.6% YoY and 1.8% MoM in July 2016 as electronics and non-electronics exports did not deliver well during the month.

According to OCBC Bank, the slump was way sharper than the previous outlook, with market pencilling in 2.5% YoY drop.

“Unfavorably high base effect did not help the headline print, while sectorally, both electronics and non-electronics exports registered contractions of 12.9% and 9.5% yoy respectively,” OCBC Bank said.

Meanwhile, International Enterprise (IE) Singapore revealed that NODX to all top 10 NODX markets declined with only the EU as an exception.

The largest contributors to the decline were China with 16.6% drop following the previous month’s contraction of 9.9%, no thanks to weak petrochemicals, primary chemicals, and specialised machinery, according to a report by IE Singapore.

NODX to US and Indonesia slipped 19.1% and 22.6% respectively, while NODX to emerging markets declined by 13.0% in the month, following the 6.3% decrease in June 2016 largely due to poor NODX to South Asia (-25.4%), the Middle East (-16.2%) and CLMV (-14.7%)