Non-oil domestic exports contraction eases to 3.4% YoY in October
In September, NODX fell by 13.2% YoY.
Non-oil domestic exports (NODX) continued to decline in October, albeit, at a slower pace.
Data from Enterprise Singapore showed that NODX fell by 3.4% YoY, lower than the 13.2% contraction in September.
Enterprise Singapore attributed the decline in NODX to the drop in electronics and non-electronic exports, which fell by 5.6% YoY and 2.7% YoY, respectively.
ICs, diodes & transistors and parts of PCs, which contracted by 17.6% YoY, 19.8% YoY, and 22.9% YoY, respectively, contributed the most to the decrease in electronic exports.
Meanwhile, the decline in non-electronic NODX was due to the contraction in food preparations (-41.7%), non-electric engines & motors (-55.4%) and electrical machinery (-29.7%).
In the same month, exports to Singapore’s top markets also fell, with Taiwan (-43.7%), the US (-13.8%) and South Korea (-14.7%) being the largest contributors to the decline.
Unlike NODX, oil-domestic exports and non-oil re-exports (NORX) grew in October, rising by 12.6% YoY and 2.5% YoY, respectively. Total exports (2.8% YoY) likewise grew.
With the increase in total exports and a 2.3% YoY decline in total imports, total trade decreased by 0.3% YoY in October.