NODX reversed decline with 2.4% growth in December

Non-electronic NODX growth sped up to 11.5%, boosted by non-monetary gold.

Singapore's non-oil domestic exports (NODX) reversed nine months of decline by rising 2.4% YoY to $14.3b in December 2019, according to data from Enterprise Singapore. On a MoM SA basis, NODX slowed to 1.1%, from 5.8% in the previous month.

This was led by a rise in non-electronic NODX, which sped up to 11.5% YoY in December, following the 1.2% climb in the previous month. Non-monetary gold contributed the most to the domestic export growth at 127.8%, followed by pharmaceuticals (34.7%) and specialised machinery (29.7%).

Meanwhile, electronic NODX continued to fall 21.3%. Integrated circuit (ICs), PCs and parts of PCs slipped by 29.8%, 65.5% and 9.5% respectively, dragging down electronic NODX the most.

The NODX to the majority of the top markets grew over the same period, led by China (9.8%), Taiwan (16.2%) and the US (8.5%). However, exports to Hong Kong and Indonesia slipped 26.6% and 6.2%, respectively.

At the same time, non-oil re-exports (NORX) rose 9.9% YoY to $24.3b, following the 2.4% expansion in November. Both electronic and non-electronic re-exports recorded growth at 7.8% and 11.8%, respectively.

The total trade edged up 0.7% YoY to $85.5b in December, with exports climbing 3.6% and imports dipping 2.3%.

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