Non-oil domestic exports slip by 0.1% YoY in February

Month-on-month, NODX declined by 4.8%.

Non-oil domestic exports (NODX) dipped by 0.1% YoY and 4.8% MoM in February, following a 16.7% YoY and 2.2% MoM expansion in January. 

Enterprise Singapore (EnterpriseSG) attributed the slip to the decline in non-electronics NODX. 

In February, non-electronic NODX declined 1.5% YoY. 

Food preparations, specialty chemicals and electrical circuit apparatus, which fell by 23.5%, 19.7% and 36.9% respectively, contributed the most to the dip in non-electronic exports.

Meanwhile, electronic NODX, which expanded by 5.2% YoY, received a boost from ICs (15.9% YoY), PCs (26.2% YoY) and parts of ICs (54.8% YoY).

February also saw an expansion in NODX to Singapore’s top markets, with Hong Kong (+143.6% YoY), the US (+17.1% YoY) and Indonesia (+8.2%) being the largest contributors to the increase.

Unlike NODX, oil domestic exports and non-oil re-exports (NORX) rose in February, climbing 9.9% YoY and 0.7% YoY, respectively.

With a growth in total exports (1.7% YoY) and total imports (5.6% YoY), total trade expanded by 3.5% in February.