Singapore’s non-oil domestic exports inched up 2.1% in February

Shipments to most major markets rose.

Singapore’s non-oil domestic exports (NODX) rose 2.1% year-on-year in February, compared to the 10.1% year-on-year contraction in January.

According to IE Singapore, the growth was on back of expansion in both electronic and non-electronic shipments.

On a year-on-year basis, electronic NODX increased by 0.7% in February, compared to a 0.6% decline in the previous month. On a year-on-year basis, non-electronic NODX expanded by 2.7% in February, in contrast to the 14.1% decline in the previous month.

In February, NODX to all of the top 10 NODX markets, except Korea, Taiwan, Thailand, Malaysia, Indonesia and China, grew in February. The largest contributors to the NODX expansion were the EU 28, Hong Kong and Japan.

On a month-on-month seasonally adjusted basis, NODX decreased by 4.1% in February 2016, in contrast to the previous month’s 0.6% increase, due to the contraction in both electronic and non-electronic NODX.