NODX up 9.7% in April

Pharmaceuticals formed bulk of the growth for the month.

Non-oil domestic exports (NODX)’s expansion has eased to a 9.7% YoY rise in April compared to the 17.6% growth in March, according to data from the Enterprise Singapore. Non-electronics countered the fall observed in electronics NODX.

On an MoM basis, NODX dipped 5.8% in April as both electronic and non-electronic domestic exports fell, after the previous month's 12.8% expansion. The level of NODX reached $14.9b in April, down from $15.8b in March.

Electronic NODX slipped 0.6%YoY in April, as PCs, diodes & transistors, and disk drives contracted by 44.3%, 13.2% and 32.9%, respectively, contributing the most to the decline. On the other hand, non-electronic NODX grew 12.8% over the same period, led by surges in pharmaceuticals (+174.3%), food preparations (+66.3%) and non-monetary gold (+25%).

NODX to the top markets grew in April 2020, although exports to China, Hong Kong, Malaysia, Indonesia and Thailand declined. The largest contributors to the NODX growth were the US (+124%), the EU 27 (+106.8%) and Japan (+81.1%).

As for emerging markets, NODX crashed 30.2% in April, no thanks to South Asia (-57.2%), CLMV (-31.4%) and the Middle East (-26.9%).

Meanwhile, non-oil re-exports (NORX) fell 8.3% YoY over the same period as non-electronic re-exports outweighed the growth in electronics.

Electronic NORX inched up 6% in April, thanks to ICs (+10.7%), diodes & transistors (+28.7%) and disk media products (+31.9%). Non-electronic NORX contracted by 20.3% as piston engines (-82.1%), aircraft parts (-45.1%) and non-monetary gold (-32%) dropped.

NORX to the majority of the top 10 markets declined, except for Hong Kong, China, Taiwan and Japan. The top three contributors to the dip in NORX were Malaysia (-32.5%), the US (-12.9%) and South Korea (-16.4%).

Overall, total trade slipped 12.8% YoY in April, a wider decline from 0.2% in March. Total exports slid 12.7% YoY, whilst total imports contracted by 13% YoY.

Oil domestic exports plunged 64.9% amidst lower oil prices. Lower exports to Malaysia (-66.0%), Indonesia (-61.8%) and Panama (-94.7%) contributed to the YoY decrease of oil domestic exports. In terms of volume, oil domestic exports contracted by 22.3% YoY in April.

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