Singapore’s non-oil domestic exports drop 4.5% in September

As electronic exports contracted for the second consecutive month by 14%.

On a y-o-y basis, NODX declined by 4.5 per cent in September 2011, in contrast to the 3.9 per cent increase in the previous month, according to International Enterprise Singapore’s report. On a 3-month moving average y-o-y basis, NODX contracted by 1.1 per cent in September 2011, after the 0.7 per cent increase in the previous month.

On a month-on-month seasonally adjusted basis, NODX decreased by 9.3 per cent in September 2011, in contrast to the previous month’s 7.2 per cent growth, due to the contraction in non-electronic NODX which outweighed the rise in electronic NODX. On a SA basis, the level of NODX reached S$14 billion in September 2011, lower than the S$15 billion registered in the previous month.

On a SA basis, non-oil retained imports of intermediate goods decreased by S$840 million from S$5,645 million in the previous month to reach S$4,805 million in September 2011.

Performance of Key Trade Components
Total Trade
On a y-o-y basis, total trade rose by 7.0 per cent in September 2011, following the 9.9 per cent growth in the previous month. Total exports expanded by 7.1 per cent in September 2011, following the 4.1 per cent increase in the previous month. Total imports grew by 6.8 per cent in September 2011, after the 17 per cent increase in the preceding month.

On a m-o-m SA basis, total trade contracted by 3.5 per cent in September 2011, in contrast to the 7.3 per cent increase in the previous month. On a SA basis, the level of total trade reached S$80 billion in September 2011, lower than the previous month’s achievement of S$83 billion. Total exports rose by 1.4 per cent in September 2011, following the 1.2 per cent increase in the previous month. Total imports contracted by 8.6 per cent in September 2011, compared to a 14 per cent increase in the previous month.

Non-oil Domestic Exports
On a y-o-y basis, NODX contracted by 4.5 per cent in September 2011, in contrast to the 3.9 per cent increase in the previous month, due to a decline in electronic NODX which outweighed the expansion in non-electronic NODX.

Electronic products. On a y-o-y basis, electronic NODX contracted by 14 per cent in September 2011, after the 19 per cent decline in the previous month. The decrease in electronic domestic exports was largely due to disk drives (-54 per cent), ICs (-9.1 per cent) and parts of ICs (-29 per cent).

Non-electronic products. On a y-o-y basis, non-electronic NODX expanded marginally by 0.9 per cent in September 2011, following the 18 per cent increase in the previous month. The rise in non-electronic NODX was led by pharmaceuticals (+12 per cent), civil engineering equipment parts (+54 per cent) and printed matter (+37 per cent).

Oil Domestic Exports
On a y-o-y basis, oil domestic exports expanded by 56 per cent in September 2011, after the preceding month’s 50 per cent increase. The y-o-y growth of oil domestic exports was mainly due to sales to Malaysia (+95 per cent), Indonesia (+83 per cent) and China (+98 per cent). In volume terms, oil domestic exports increased by 16 per cent in September 2011, similar to the expansion in the previous month. On a m-o-m SA basis, oil domestic exports declined by 1.3 per cent in September 2011, in contrast to the 6.3 per cent rise in the previous month.