Singapore NODX stays stuck in negative territory with flat Q2 growth

Non-electronics expansion outpaced the electronics squeeze.

Non-oil domestic exports (NODX) remained in negative territory as growth stayed flat in Q2, though this stands in contrast to Q1’s 9% YoY contraction.

According to latest figures by IE Singapore, Singapore’s total merchandise trade dropped 5.7% YoY in Q2, extending Q1’s 9.7% YoY tumble.

Electronic products NODX, which comprised 28.8% H1 NODX, contracted by 5.1% YoY in Q2, after Q1's 3.4% slip. "The decrease in electronic NODX can be attributed to lower domestic exports of PCs (-25.6%), parts of PCs (-15.1%) and disk drives (-20.9%)," noted IE Singapore.

Non-electronic products NODX, which comprised 71.2% of H1 NODX, edged up 2.1% in Q2, reversing the 11.3% slide in Q1. "The growth in non-electronic NODX can be attributed to higher domestic exports of civil engineering equipment parts (+164.0%), non-monetary gold (+228.7%) and pharmaceuticals (+7.3%)," IE Singapore added.

Non-oil exports, which include NODX and non-oil re-exports, slipped 1.1% in Q2 against the previous quarter’s 6.6% slump.

Meanwhile, total merchandise trade and NODX forecasts for 2016 are tapered upwards between -7% to -6%, and -4% to -3% respectively.

Singapore’s total services trade expanded by 1.2% to $97.6b in Q2, a reversal of the 0.45% slip in Q1.