Non-oil domestic exports drop 1.5% YoY in December

Enterprise Singapore attributed the decline to a drop in electronics NODX.

Non-oil domestic exports (NODX) fell 1.5% YoY in December, following a 1.0% growth in November. Enterprise Singapore attributed the decline to the drop in electronics NODX.

In December, electronic NODX dropped 11.7%. PCs, ICs and parts of PCs, which contracted by 34.3%, 7.9%, and 25.7%, respectively, contributed the most to the decrease in electronic exports.

On the other hand, non-electronic NODX grew in December, rising by 1.4% YoY.

The growth in non-electronic NODX was due to expansions in pharmaceuticals (+56.9%),
non-monetary gold (+55.5%) and miscellaneous manufactured articles (+69.1%).

December also saw a drop in NODX to Singapore’s top markets, with Taiwan (-33.2%), South Korea (-28.2%) and Japan (-18.1%) being the largest contributors to the decline.

Like NODX, oil domestic exports and non-oil re-exports (NORX) fell in December, dropping 16.3% YoY and 1.4% YoY, respectively.

With a drop in total exports (-4.6% YoY) and a 9.3% YoY decline in total imports, total trade fell by 6.8% YoY in December.