Singapore's non-oil domestic exports (NODX), a key gauge of the export performance of the small and highly open economy, declined 2.3 percent in June on a year-on-year basis, said the International Enterprise (IE) Singapore on Monday.
The decrease was due to the decline in both electronic and non- electronic NODX. On a month-on-month seasonally adjusted basis, NODX decreased by 12.9 percent in June 2016, compared to the previous month's 16. 8 percent growth, due to a contraction in non-electronic NODX which outweighed the growth in electronic NODX.
The trade promotion agency said the electronic NODX contracted by 1.7 percent in June, following the 6.0 percent decline in the previous month. The decrease in electronic domestic exports was largely due to PCs, disk drives and parts of PCs.
Non-oil re-exports (NORX) rose 0.6 percent, in contrast to the 3.2 percent decline in the previous month, mainly due to an increase in non-electronic re-exports which outweighed the fall in electronic re-exports. On a year-on-year basis, NODX to all of the top 10 markets, except China's Taiwan, the U.S., China's Hong Kong, South Korea and Malaysia, decreased in June 2016.
The top contributors to the NODX contraction in June 2016 were Chinese mainland, Indonesia and the EU 28. NODX to China decreased by 9.9 percent in June 2016, following the previous month's contraction of 10.1 percent, led by electrical machinery, petrochemicals and primary chemicals.
NODX to emerging markets declined by 6.3 percent in June 2016, in contrast to the 0.9 percent increase in the previous month. The contraction in NODX to the emerging markets was due mainly to South Asia, Latin America and the Eastern and Southern Europe (non-EU).
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