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Non-oil domestic exports fall 20.6% YoY in December

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

Non-oil domestic exports (NODX) declined further in December, falling 20.6%  from a high base a year ago.

Based on Enterprise Singapore's report, the decreases in electronic (-17.9% YoY) and non-electronic product exports (-21.3% YoY) drove the decline in NODX.

ICs, disk media products and parts of PCs which contracted by  26.0%, 36.5% and 41.7%, respectively, contributed the most to the decrease in electronic exports.

Meanwhile, the decline in non-electronic NODX was due to the contraction in non-monetary gold (-63.3%), specialised machinery (-16.6%) and primary chemicals (-55.6%).

In terms of markets, the largest contributors to NODX contraction in November were China (-31.8%), Indonesia (-35.4%) and Hong Kong (-34.6%).

Non-oil re-exports (NORX) also fell in December, decreasing by 7.2%.

Oil-domestic exports, on the other hand, expanded in December by 24.6% YoY.

Overall, exports declined by 7.1% YoY.

With a decline in total exports and imports (-8.2%), total trade decreased by 7.7% in December.

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