ECONOMY, MANUFACTURING | Staff Reporter, Singapore

Singapore non-oil domestic exports dropped 8.5% in December 2018

It was dragged by the 11.2% decrease in the electronics segment.

Singapore’s non-oil domestic exports (NODX) continued its downward trend seen in November after exports further slipped 11.2% due to decreases in both electronic and non-electronic exports, Enterprise Singapore (ESG) revealed.

On a MoM seasonally adjusted (SA) basis, NODX dropped 5.7% in December 2018, reaching $14b from November’s $14.9b.

Non-electronic NODX fell 7.4% YoY in December, following the 5.4% decrease in November. Specialised machinery (-32.5%), pharmaceuticals (-26.8%) and primary chemicals (-28%) contributed the most to the decline.

Electronic NODX also slipped declined 11.2% YoY after the 4.3% growth seen in November. PCs, disk media products and diodes & transistors contributed the most to the fall, contracting -20.5%, -28.5% and -34.4%, respectively.

NODX to the majority of top markets fell in December 2018 with the exception of US and China. Likewise, NODX To emerging markets dipped 15.9% in December, following the 4.7% decline seen in the previous month. The decrease to emerging market markets was mainly due to Cambodia, Lao PDR, Myanmar and Vietnam (CLMV) with a -33.9% decline, South Asia (-18.9%) and Latin America (-32.2%).

On the other hand, non-oil retained imports of intermediate goods (NORI) in December 2018 increased by $100m from $6.4b in November to $6.5b.

Total trade inched up 1.6% in December supported by imported growth which rose 6.1%, following the 8.8% rise in November. Total exports however declined 2.5% in December, deviating from the 6.1% growth seen in November.

Meanwhile, oil domestic exports slipped 11.1% YoY in December 2018 compared to the 18.9% YoY expansion recorded in the previous month.

“Lower sales to Malaysia (-21.9%), China (-40.7%) and Indonesia (-23.8%) contributed the most to the YoY decrease of oil domestic exports,” ESG explained in its report. “In volume terms, oil domestic exports decreased 8.5% in December, following the 3.1% increase in the previous month.

In December, non-oil re-exports (NORX) rose 7.2%, extending the 9.3% growth in November due to an increase in both electronic and non-electronic NORX, ESG said. NORX to the majority of the top 10 markets grew in December with the exception of China and Indonesia.

Electronic NORX grew 7% YoY in December, due to the increase in ICs (10.4%), diodes and transistors (10.5%) and capacitors (44.5%), whilst non-electronic NORX jumped 7.3%. The increase was attributed to a growth in non-electric engines and motors (153.8%), structures of ships and boats (758.2%) and piston engines (94.3%). 

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