NODX growth dips to 8.5% in July

This is despite continued decline in pharma and chemicals export.

Singapore's non-oil domestic exports (NODX) growth 8.5% YoY in July, 2.5ppt lower than last month's rate.

According to OCBC Treasury Research, growth for electronics exports jumped 16.3% YoY, led by integrated circuits (ICs) at 31%, followed by parts of PCs at 9.9%, and Disk Media Products at 5.9%.

For the non-electronic exports, lustre petrochemical contributed to NODX’s overall strength at with growth of 38.3%. However, exports of pharmaceuticals and chemicals still declined.

Exports saw growth in Asian markets, especially Thailand at 55.3%, Malaysia at 21.8%, and Hong Kong at 19.5%.

Others continued to stay in positive growth territories, OCBC said.