Why tech domestic export's 7.6% drop wasn't so bad at all

It's the smallest decline in 6 months.

According to CIMB, although Jul’s tech DX (33% of NODX) fell 7.6% yoy vs. May’s -8.9% yoy (12th consecutive month of yoy decline), there was some cause for cheer.

Here's more:

It was the smallest yoy decline in six months and at S$4.86bn, the highest value in 10 months. Adjusted for the number of working days, tech DX reached S$187m a day, the highest in nine months.

This was supported by semiconductors (14% of NODX, top exports) worth S$78m a day (-9.6% yoy) vs. S$72m a day in 1Q13 (-13.9% yoy) and S$78m in 2Q13 (-11.9% yoy).

Shipyards lifted non-tech DX
The main reason for the stronger-than-expected NODX last month was non-tech DX’s (67% of NODX) rise of 3.0% yoy after a 7.2% yoy slide in Jun, led by “lumpy items” from the shipyards. DX of “the structures of ships & boats” jumped sharply to S$557m to eclipse a 32.0% yoy fall in pharmaceutical DX.

Without the help of these lumpy DX, NODX would have declined 4.8% yoy (-7.8% in Jun, -4.9% in May).