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Non-oil domestic exports decline 5.6% YoY in October

Decreases in both electronics and non-electronics exports drove the decrease in NODX.

Non-oil domestic exports (NODX) fell in October,  declining by 5.6%  from a high base a year ago.

Based on Enterprise Singapore's report, the decline in electronic (-9.3% YoY) and non-electronic product exports (-4.5% YoY) drove the decrease in NODX.

ICs, disk media products and parts of PCs which contracted by 11.1%, 45.7% and 31.6% respectively, contributed the most to the decline in electronic exports.

Meanwhile, the decline in non-electronic NODX was due to the contraction in Pharmaceuticals (-34.7%), nonmonetary gold (-45.5%) and petrochemicals (-18.4%).

In terms of markets, the largest contributors to NODX contraction in October were China (-32.0%), the EU 27 (-19.5%) and Malaysia (-16.1%).

On the flip side, non-oil re-exports (NORX) saw growth in October, albeit lower compared to September (6.4% YoY vs 20.2% YoY)

Oil domestic exports likewise grew slower, rising 33.1% in October from a 56.5% uptick in September.

Overall, exports expanded by 6.3% in October.

With an expansion in exports and an 11.1% growth in imports, total trade grew by 8.6% in October.

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