Singapore’s non-oil domestic exports (NODX) for the month of July contracted by 20.2% y-o-y, making this the 10th consecutive month of y-o-y declines.
In July, electronics and non-electronics exports declined. Electronic NODX fell by 26.1% y-o-y as integrated circuits (ICs), personal computers (PCs) and disk media products contributed the most to the decline at with contractions of 35.7%, 46.1% and 40.8% respectively.
Non-electronic NODX fell by 18.5% y-o-y as non-monetary gold (-80.3%), specialised machinery (-17.2%) and petrochemicals (-22.8%) contributed the most to the decline in non-electronic NODX.
NODX to the top markets fell on the whole with the largest contributors being the EU 27, Taiwan and China at -38.6%, -36.0% and -20.1% respectively.
NODX to the EU 27 fell due to pharmaceuticals (-63.3%), primary chemicals (-88.8%) and specialised machinery (-22.6%) while NODX to Taiwan contracted due to the declines in specialised machinery (-41.9%), ICs (-36.2%) and parts of ICs (-29.6%). NODX to China declined by 20.1% mainly due to ICs (-35.8%), pharmaceuticals (-57.3%) and petrochemicals (-14.0%).
NODX to the US rose.
On a m-o-m seasonally adjusted basis, NODX fell by 3.4% to $14.0 billion as electronic and non-electronic domestic exports fell.
Non-oil re-exports (NORX) in July fell by 10.7% y-o-y as electronics and non-electronics fell.
Electronic NORX fell by 3.4% due to ICs (-3.9%), parts of PCs (-11.6%) and diodes & transistors (-4.4%).
Non-electronic NORX fell by 17.9% y-o-y due to non-monetary gold (-87.5%), specialised machinery (-24.5%) and electrical machinery (-28.8%).
NORX to the top markets as a whole declined in July with the top contributors to NORX’s contraction being the EU 27 (-30.3%), Malaysia (-17.8%) and Taiwan (-30.9%).
On a m-o-m seasonally adjusted basis, NORX rose by 3.4% to $29.3 billion as electronics grew, offsetting the decline in non-electronics.
Total trade fell by 20.8% y-o-y in July as both exports and imports decreased.
Total exports declined by 18.4%, following the previous month’s 17.3% decrease while total imports contracted by 23.4%, extending the previous month’s 21.6% decline.
On a m-o-m seasonally adjusted basis, total trade grew by 1.0% to $98.5 billion.
Source: TheEdge - 17 Aug 2023
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