Non-oil domestic exports drop 20.1% YoY in August
Drop in electronics and non-electronic exports drove the overall decline.
Non-oil domestic exports (NODX) continued to decline in August, albeit at a slower pace.
Data from Enterprise Singapore showed that NODX fell by 20.1% YoY, slightly lower than the 20.3% contraction in July.
The decline in NODX can be attributed to the drop in electronics and non-electronic exports, which fell by 21.1% YoY and 19.9% YoY, respectively.
ICs, PCs and disk media products, which contracted by 28.5% YoY, 30.6% YoY, and 25.6% YoY, respectively, contributed the most to the decrease in electronic exports.
Meanwhile, the decline in non-electronic NODX was due to the contraction in structures of ships & boats (-97.7%), pharmaceuticals (-37.7%) and specialised machinery (-25.5%).
In the same month, exports to Singapore’s top markets also fell with the US (-32.4%), EU 27 (-28.9% and China (-16.4% YoY) being the largest contributors to the decline.
Apart from NODX, oil-domestic exports and non-oil re-exports (NORX) also declined in August, falling by 24.7% and 8.3%, respectively.
With a decline in total exports (-14.7%) and imports (-15.6%), total trade decreased by 15.2% in August.