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Export growth accelerates to 11.4% in August

In July, non-oil domestic exports grew by 7.0% YoY.

Non-oil domestic exports (NODX) grew faster in August, rising by 11.4% from 7.0% in July.

Based on Enterprise Singapore's report, non-electronic product exports which expanded by 16.9% YoY, drove the increase in NODX.

Structures of ships and boats, pharmaceuticals (+68.8%) and food preparations (+44.5%) contribute the most to the growth in non-electronic NODX.

On the flip side, electronic products declined by 4.5% YoY in August mainly due to decreases in the exports of ICs (- 6.6% YoY), disk media products (-21.3% YoY), and parts of PCs (-23.5% YoY).

In terms of markets, the largest contributors to NODX growth in August were the  US (+60.0%), the EU 27 (+57.3%) and Indonesia (+26.3%).

READ MORE: Exports growth to slow in the second half of 2022: analysts

Meanwhile,  non-oil re-exports (NORX) also posted growth in August, albeit lower compared to July (15.0% YoY vs 24.6% YoY)

Oil domestic exports likewise grew slower, rising 72.2% in August from a 96.9% uptick in July.

Overall, exports expanded by 21.8% in August.

With an expansion in exports, and a 30.9% growth in imports, total trade grew by 26.0% in August. 

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