Non-oil domestic exports (NODX) in Singapore fell 8.4 per cent year-on-year in August 2015, following a contraction in both electronic and non-electronic exports, according to data released by International Enterprise (IE) Singapore on Thursday (Sep 17). The decline in NODX comes after a 0.7 per cent year-on-year fall in the previous month.
On a month-on-month seasonally adjusted basis, NODX fell 4.6 per cent in August. The level of NODX was S$13.3 billion in August, lower than S$14 billion recorded in the previous month.
Electronic domestic exports fell 2.7 per cent year-on-year in August, due to a decline in the export of PC parts, integrated circuits, and disk drives. Non-electronic exports decreased 10.6 per cent year-on-year in August, and the decline was led by petrochemicals, pharmaceuticals and structures of ships and boats.
On a year-on-year basis, NODX also fell in all of the top 10 markets in August, with the exception of the United States, Thailand and Hong Kong. The top contributors to the contraction in exports were Taiwan, South Korea and China.
Non-oil re-exports (NORX) rose 2.6 per cent year-on-year in August on the back of an expansion in electronic and non-electronic re-exports. Electronic NORX increased 3.6 per cent due to an increase in re-export of integrated circuits, telecommunications equipment and diodes and transistors. Non-electronic NORX grew 1.6 per cent, following an increase in re-export of non-monetary gold, aircraft parts and personal beauty products.
Singapore’s oil domestic exports fell 37.9 per cent year-on-year as well, mainly due to lower sales to Indonesia, Malaysia and Panama. However, the volume of oil domestic exports increased by 0.5 per cent in the same month.