Singapore's NODX sinks by another 1.9% in August

No thanks to the shrinking electronic and non-electronic NODX.

The city-state's non-oil domestic exports remained on the downside in August, posting another lacklustre month.

Based on the latest figures by the International Enterprise Singapore NODX decreased by 1.9% in August, following the previous month's 1.9% decrease. This is due to a contraction in both electronic and non-electronic NODX.

Shipments for this month declined to $12.5 billion, lower than $12.7 billion registered in the previous month.

On YoY basis, NODX registered a flat growth in August, rebounding from a sharp 10.6% decline in July.

The increase in non-electronic shipments last month outweighed the decline in electronic exports, the agency noted.

Electronic NODX declined 6% in August following the 12.9% contraction in the previous month. This was largely due to PC, disk drives and ICs.

It was partially offset by non-electronic products, which saw an increase of 2.7%, rebounding from a 9.5% contraction in July.

The agency noted that the rise in its NODX was led by non-electric engines and motors, specialised machinery and structural parts made of iron, steel and aluminum.