Singapore's non-oil domestic exports (NODX), a key gauge of the export performance of the small and highly open economy, declined 9.9 percent in January on a year-on-year basis, said the International Enterprise (IE) Singapore on Wednesday.
The decrease was due to a contraction in both electronic and non-electronic NODX, said IE Singapore in a press release. On a month-on-month seasonally adjusted basis, NODX expanded by 0.7 percent in January, compared to the 2.6 percent contraction in the previous month, due to the increase in electronic NODX which outweighed the decline in non-electronic NODX. The trade promotion agency said that electronic NODX declined by 0.6 percent in January year-on-year, following the 0.3 percent decline in the previous month. The contraction in electronic domestic exports was largely due to ICs, parts of PCs and disk drives. Non-electronic NODX decreased by 13.9 percent in January year-on-year, following the 10.3 percent decline in the previous month. The contraction in non-electronic NODX was led by petrochemicals, pumps and primary chemicals.
On a year-on-year basis, NORX to all of the top 10 NORX markets, except the EU and the U.S., declined in January 2016. The top three contributors to the NORX contraction were China's Hong Kong, Chinese mainland and China's Taiwan. Non-oil Re-exports (NORX) decreased by 12 percent in January year-on-year, in contrast to the 0.8 percent rise in the previous month, said IE Singapore. The drop was due to a decline in both electronic and non-electronic NORX. Electronic NORX decreased by 15.0 percent in January 2016, due to drop in ICs, parts of PCs and parts of ICs. While non-electronic NORX decreased by 8.4 percent, in contrast to the 5. 8 percent growth in the previous month.
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