Non-oil domestic exports fall 15.6% YoY in February

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

Non-oil domestic exports (NODX) declined further in February, falling 15.6%.

Based on Enterprise Singapore's report, the decreases in electronic (-26.5% YoY) and non-electronic product exports (-12.1% YoY) drove the decline in NODX.

ICs, disk media products and capacitors which contracted by 34.2%, 45.5% and 76.4%, 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 (-100.0%), petrochemicals (-24.4%) and pharmaceuticals (-21.5%).

In terms of markets, the largest contributors to NODX contraction in February were the EU 27 (-34.2%), Hong Kong (-46.4%) and Taiwan (-29.3%).

Oil-domestic exports and non-oil re-exports (NORX), on the other hand, expanded in February, rising by 5.8% and 1.1%, respectively. 

With a decline in total exports (-3.0%) and imports (-4.5%), total trade decreased by 3.7% in February.