Exports drop 20.2% in July

Electronic and non-electronic domestic exports also dropped.

Non-oil domestic exports (NODX) fell 20.2% YoY in July 2023, higher than the 15.6% decline in the previous month, data from EnterpriseSingapore showed.

On an MoM basis, NODX also decreased by 3.4% in July 2023, after the previous month’s 5.2% growth. 

Both electronic and non-electronic domestic exports decreased. On a seasonally-adjusted basis, the level of NODX reached $14.0b in July 2023. This was lower than the previous month's $14.5b and the levels a year ago (July 2022: $17.4b; 2022's average: $16.6b).

On a YoY basis, total trade shrunk by 20.8% in July 2023, extending the 19.3% decline in the preceding month.

On an MoM and SA basis, total trade increased by 1.0% in July 2023, following the 3.3% rise in June 2023. 

On a YoY basis, electronic NODX shrunk by 26.1% in July 2023, extending the 16.0% decline in the previous month. ICs, PCs and disk media products contracted by 35.7%, 46.1% and 40.8% respectively, largely contributing to the decline in electronic NODX.

On a YoY basis, non-electronic NODX shrunk by 18.5% in July 2023, extending the 15.6% decline in the previous month. 

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