ECONOMY, MANUFACTURING | Staff Reporter, Singapore

NODX slipped 2.6% in November

It was dragged by the 5.2% decrease in the non-electronic segment.

Singapore’s non-oil domestic exports (NODX) deviated from the upward trend seen in previous months after exports slipped 2.6% in November due to a decrease in non-electronic exports which outweighed the growth in electronics, Enterprise Singapore (ESG) revealed.

On a MoM seasonally adjusted (SA) basis, NODX dropped 4.2%, reaching $14.9b in November compared to October’s 4.2% increase with $15.6b.

Non-electronic NODX fell 5.2% YoY in November after the 12.7% rise in October. Non-monetary gold (-77.9%), specialised machinery (-12.8%) and petrochemicals (-7.8%) contributed the most to the decline.

Electronic NODX on the other hand grew 4.5% after the 3.6% decline in October. ICs, consumer electronics and telecommunications contributed the most to the rise in electronic domestic exports at 27.9%, 11.5% and 3.4%, respectively.

NODX to the majority of top markets declined in November, with China, South Korea and Indonesia as the largest contributors to the decrease, ESG revealed. Likewise, NODX to emerging markets dropped 4.3% compared to the 16.6% growth in October, mainly due to South Asia and the Middle East.

However, non-oil retained imports of intermediate goods (NORI) in November increased in November by $400m from $6b in October to $6.4b.

Total trade rose 7.7% in November supported by export and import growth. Total exports rose 6.3% in November which extended the 20.4% expansion seen in October, whilst total imports jumped 9.4% after the 19.8% rise in the previous month.

In addition, oil domestic exports grew 18.9% YoY in November following the 30.6% YoY rise in October.

“Higher sales to Australia (119.5%), Indonesia (31.1%) and Malaysia (14.4%) contributed the most to the YoY increase of oil domestic exports,” ESG said in its report. “In volume terms, oil domestic exports increased 2.3% in November, following the 3.7% decline in the previous month.”

In November, non-oil re-exports (NORX) also rose 9.4%, extending the 26.4% growth seen in October due to the increase in both electronic and non-electronic NORX, ESG said.

Electronic NORX rose 11.7% due to the growth in ICs (13%), telecommunications equipment (15.2%) and parts of PCs (15.7%), whilst non-electronic NORX jumped 7.3%. The increase was thanks to an increase in non-electronic engines and motors (190.3%), petrochemicals (22.3%) and piston engines (54.6%). 

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