Singapore’s NODX crashes back to reality with 2.3% drop in June

On back of a 2.5% decline in non-electronic exports.

The party was unfortunately short-lived for Singapore’s non-oil export as it contracts by 2.3% in June after a hefty 11.6% rise the previous month.

According to a press release by IE Singapore, total trade declined by 5% in June, a greater drop compared to the previous month’s 1.6%.

“Total exports contracted by 3.6 per cent in June 2016, after the 2.2 per cent decline in the previous month. Total imports decreased by 6.6 per cent in June 2016, following the 0.9 per cent contraction in the preceding month,” the release said.

Meanwhile, electronic NODX contracted by 1.7% in June, following the 6.0 per cent decline in the previous month. “The decrease in electronic domestic exports was largely due to PCs (-29.0 per cent), disk drives (-26.9 per cent) and parts of PCs (-8.5 per cent),” IE Singapore noted.

“Non-electronic NODX decreased by 2.5 per cent in June 2016, in contrast to the 19.0 per cent expansion in the previous month. The decline in non-electronic NODX was led by petrochemicals (-15.6 per cent), primary chemicals (-30.5 per cent) and electrical machinery (-33.0 per cent),” IE Singapore added.