Total trade dropped by 1.7 percent in May compared to April

On a m-o-m SA basis, Non-oil Domestic Exports decreased marginally by 0.1 percent in May 2010 due to lower sales of non-electronic NODX.

On a y-o-y basis, NODX grew by 24 percent in May 2010, following the 30 percent rise in the previous month. On a 3-month moving average (3MMA) y-o-y basis, NODX increased by 27 percent in May 2010, after the 26 percent expansion in the previous month, according to an IE Singapore report.

On a SA basis, non-oil retained imports of intermediate goods (NORI) grew by S$115 million from S$5,343 million in the previous month to reach S$5,458 million in May 2010.

Total trade
On a m-o-m SA basis, total trade decreased by 1.7 percent in May 2010, compared to the 2.9 percent rise in the previous month. Total exports grew by 1.7 percent in May 2010, following the 1.9 percent expansion in the previous month. Total imports decreased by 5.3 percent in May 2010, in contrast to the 3.9 percent rise in the previous month.

On a y-o-y basis, total trade expanded by 25 percent in May 2010, after the 31 percent increase in the previous month. Total exports grew by 29 percent in May 2010, following the 30 percent rise in the previous month. Total imports expanded by 21 percent in May 2010, after the 32 percent increase in the preceding month.

Non-oil Domestic Exports (NODX)
On a y-o-y basis, NODX rose by 24 percent in May 2010, after the 30 percent growth in the previous month, due to both electronic and non-electronic domestic exports.

On a y-o-y basis, electronic NODX increased by 39 percent in May 2010, after the 21 percent rise in the previous month. The expansion in electronic domestic exports was largely due to higher domestic exports of ICs, parts of ICs and parts of PCs.

On a y-o-y basis, non-electronic NODX grew by 16 percent in May 2010, after the 35 percent rise in the previous month. The increase in nonelectronic NODX was led by higher domestic exports of petrochemicals, disk media products and specialised machinery.

Oil Domestic Exports
On a m-o-m SA basis, oil domestic exports increased by 2.0 percent in May 2010, after a rise of 9.6 percent in the previous month. On a y-o-y basis, oil domestic exports expanded by 56 percent in May 2010, after the preceding month’s 64 percent increase.

The y-o-y rise of oil domestic exports was mainly due to higher sales to Panama (+81%), Malaysia (+42%) and China (+69%). In volume terms, oil domestic exports increased by 20 percent in May 2010, after the 12 per cent rise in the previous month.

Non-oil Re-exports (NORX)
On a m-o-m SA basis, NORX increased by 5.1 percent in May 2010, after the 0.6 percent rise in the previous month, due to an increase in both electronic and nonelectronic NORX.

On a y-o-y basis, NORX grew by 23 percent in May 2010, after the 19 percent expansion in the previous month, due to a rise in both electronic and non-electronic NORX. On a 3MMA y-o-y basis, NORX increased by 21 percent in May 2010, after the 15 percent expansion in the preceding month.

On a y-o-y basis, electronic NORX increased by 25 percent in May 2010, after the 24 percent rise in the previous month. The expansion in electronic NORX was due to higher re-exports of ICs (+20 percent), diodes & transistors (+71 percent) and parts of PCs (+32 percent).

On a y-o-y basis, non-electronic NORX rose by 21 percent in May 2010, after the 14 percent increase in the previous month. The rise in non-electronic NORX was led by higher re-exports of non-monetary gold (+464 percent), petrochemicals (+123 percent) and primary chemicals (+123 percent).

NORX to all of the top 10 NORX markets, except South Korea, increased in May 2010. The top three contributors to the NORX rise were Hong Kong (+29 percent), Malaysia (+31 percent) and China (+28 percent).