Singapore non-oil domestic exports up 2.7% in August
Re-exports, meanwhile, saw a jump by 19% in the same month.
Enterprise Singapore announced that Singapore’s non-oil domestic exports (NODX) rose in August by 2.7% on a year-on-year basis. This is lower than the 12.7% growth recorded in July.
Electronics export continued to grow in the same period. A 16.7% increase in the month was recorded, continuing the 15% increase from the previous month. Components from these products contributed the most growth, with ICs, diodes, and transistors rising by 20.2%, 35.5%, and 116.6%, respectively.
Non-electronic export products, meanwhile, faced a 1.4% slip in the same month when compared to the 12% rise from the previous month. Non-monetary gold, food preparations, and pharmaceuticals all declined at -66.4%, -27.1%, and 12.4%, respectively.
Taiwan, Hong Kong, and Malaysia were the largest contributors to export growth, by 50.6%, 22.8%, and 17.9% respectively.
Non-oil re-exports, meanwhile, saw an increase of 19%. This follows the 13.9% increase in July.
Electronics re-exports jumped by 29.3%, compared to the 19.6% growth in July 2021. ICs at 42.8%, PCs at 65.6% and diodes & transistors at 14.1% contributed to this rise.
Non-electronic re-exports also experienced a growth of 6.6%, continuing the 7.1% increase in the previous month. Specialised machinery, aircraft parts, and nickel contributed 74.2%, 21.6%, and 73.9%, respectively.
NORX’s top 10 markets extended as well with Hong Kong, China, and Taiwan at 44.5%, 20.8%, and 47%, respectively.
Oil domestic exports, simultaneously swelled by 56.4% in August, as well. This was after a 40.3% increase recorded in July. An increase of 4.8% in international exports was felt, too.
Australia, Malaysia, and Indonesia contributed the most to this year-on-year growth with 187.2%, 82.6%, and 105.6%, respectively.