Non-oil domestic exports recover after 16% drop last month

And guess by how much it grew in November?

According to a release, on a y-o-y basis, NODX grew by 1.6 per cent in November 2011, after a 16 per cent contraction in the previous month. On a 3-month moving average y-o-y basis, NODX declined by 6.9 per cent in November 2011, following the 5.9 per cent contraction in the previous month.

On a month-on-month seasonally adjusted basis, NODX grew by 5.9 per cent in November 2011, in contrast to the previous month’s 6.0 per cent decline, due to the rise in electronic NODX that outweighed the contraction in non-electronic NODX. On a SA basis, the level of NODX reached S$14 billion in November 2011, higher than the S$13 billion registered in the previous month.

On a SA basis, non-oil retained imports of intermediate goods grew by S$3,135 million from S$3,667 million in the previous month to reach S$6,802 million in November 2011.

Total Trade
On a y-o-y basis, total trade rose by 12 per cent in November 2011, following the 5.0 per cent increase in the previous month. Total exports grew by 8.2 per cent in November 2011, following the 1.9 per cent expansion in the previous month. Total imports increased by 17 per cent in November 2011, following the 8.6 per cent rise in the preceding month.

On a m-o-m SA basis, total trade expanded by 4.1 per cent in November 2011, compared to the 0.9 per cent increase in the previous month. On a SA basis, the level of total trade reached S$84 billion in November 2011, higher than the previous month’s achievement of S$81 billion. Total exports rose marginally by 0.2 per cent in November 2011, after the previous month’s marginal 0.1 per cent increase. Total imports grew by 8.4 per cent in November 2011, compared to the 1.8 per cent expansion in the preceding month.

Non-oil Domestic Exports
On a y-o-y basis, NODX expanded by 1.6 per cent in November 2011, following the 16 per cent decline in the previous month, due to both electronic and non-electronic domestic exports.

Electronic products. On a y-o-y basis, electronic NODX grew marginally by 0.1 per cent in November, after the 31 per cent decline in the previous month. The increase in electronic domestic exports was largely due to ICs (+5.6 per cent), telecommunications equipment (+42 per cent) and other computer peripherals (+68 per cent).

Non-electronic products. On a y-o-y basis, non-electronic NODX expanded by 2.4 per cent in November 2011, in contrast to the 6.9 per cent decrease in the previous month. The increase in non-electronic NODX was led by pharmaceuticals (+22 per cent), printed matter (+168 per cent) and pumps (+150 per cent).

Oil Domestic Exports
On a y-o-y basis, oil domestic exports expanded by 39 per cent in November 2011, after the preceding month’s 43 per cent increase. The y-o-y growth of oil domestic exports was mainly due to sales to Malaysia (+87 per cent), China (+116 per cent) and Indonesia (+58 per cent). In volume terms, oil domestic exports increased by 6.0 per cent in November 2011, after the 8.4 per cent expansion in the previous month. On a m-o-m SA basis, oil domestic exports increased by 2.3 per cent in November 2011, following a contraction of 0.4 per cent in the previous month.

Non-Oil Domestic Export Markets
On a y-o-y basis, NODX to all of the top 10 NODX markets, except the EU 27, the US, Thailand and South Korea, increased in November 2011. The top three contributors to the NODX expansion in November 2011 were Japan (+18 per cent), Hong Kong (+11 per cent) and Taiwan (+15 per cent).

NODX to Japan rose by 18 per cent in November 2011, in contrast to the previous month’s decrease of 6.3 per cent, led by disk media products (+60 per cent), electrical circuit apparatus (+1,092 per cent) and pharmaceuticals (+52 per cent). NODX to Hong Kong expanded by 11 per cent in November 2011, after the preceding month’s 31 per cent decline, due to ICs (+24 per cent), telecommunications equipment (+302 per cent) and disk media products (+93 per cent). NODX to Taiwan grew by 15 per cent in November 2011, compared to the 19 per cent contraction in the previous month, due to ICs (+24 per cent), disk media products (+268 per cent) and piston engines (+7,105 per cent).

Emerging markets –NODX to emerging markets increased by 22 per cent in November 2011, following the 38 per cent expansion in the previous month. The increase in NODX to the emerging markets was due mainly to Latin America. 

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Tags: Singapore non-oil domestic exports