Singapore's NODX veers off course, dips 4.8% in September

No thanks to non-electronic exports backsliding to contraction.

After a flat YoY growth in August, Singapore's non-oil domestic exports (NODX) reverted back in the contractionary zone, declining 4.8% in September.

Based on the latest figures by the International Enterprise, the city-state's NODX suffered in September as external demands in top 10 markets contracted. The only exceptions were shipments to Hong Kong, the EU 28, and South Korea.

"The largest contributors to the decline in NODX were Malaysia, Indonesia and the US," IE said.

The figures revealed that electronic products are still on the negative zone as shipments contracted 6.6% in the past month, widening its 6% decline in August.

"The decrease in electronic domestic exports was largely due to ICs (-6.3%), disk drives (-55.0%) and parts of PCs (-22.4%)," IE explained.

Meanwhile, non-electronic NODX went back to contraction at 4%, compared to the 2.7% improvement in August.

What led this contraction is the declines in structures of ships & boats (-99.%), civil engineering equipment parts (-47.6%) and petrochemicals (-6.5%).