Singapore's non-oil domestic exports (NODX), a key gauge of the export performance of the small and highly open economy, declined 4.8 percent in September year-on-year, said International Enterprise (IE) Singapore on Monday.
Compared to the flat growth in the previous month, the decrease in September was due to the decrease in both electronic and non-electronic NODX, according to IE Singapore.
On a month-on-month seasonally adjusted basis, NODX increased by 2.4 percent in September, in contrast to the 1.9 percent decrease in the previous month, said IE Singapore. The growth was due to an expansion in both electronic and non-electronic NODX.
The trade promotion agency said that electronic NODX contracted by 6.6 percent in September, following the 6.0 percent decline in the previous month. The decrease in electronic domestic exports was largely due to ICs, disk drives and parts of PCs.
While non-electronic NODX contracted by 4.0 percent in September, compared to the 2.7 percent increase in the previous month. The decrease in non-electronic NODX was led by structures of ships and boats, civil engineering equipment parts and petrochemicals. IE Singapore said NODX to all of the top 10 markets, except China's Hong Kong, the EU and South Korea, contracted in September.
The largest contributors to the decline in NODX were Malaysia, Indonesia and the United States. Non-oil Re-exports (NORX) increased by 1.2 percent in September, following the 8.5 percent growth in the previous month.
On a year-on-year basis, electronic NORX contracted by 4.4 percent in September, compared to the6.3 percent growth in the previous month. The decline in electronic NORX was due to parts of PCs, ICs and telecommunications equipment.
While non-electronic NORX rose 7.7 percent in September, following the 10.8 percent increase in the previous month. The expansion in non-electronic NORX was due to structures of ships and boats, non-electric engines and motors and precious stones and pearls.
Latest comments