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Singapore delivers strong NODX growth in November

edith_maersk_packed_and_stackedSingapore witnessed a robust expansion of 11.5% in non-oil domestic exports (NODX) in November 2016 year-on-year, a reversal from the 12.0% decline in the previous month, due to the increase in both electronic and non-electronic NODX, according to International Enterprise (IE) Singapore.

On a year-on-year basis, electronic NODX grew by 3.5% in November 2016 compared to the 6.0% decline in the previous month. The increase in electronic exports was largely due to ICs, parts of PCs, and disk media products.

For non-electronic products, Singapore was able to expand its exports by 15.3% in November 2016 year-on-year, in contrast to the 14.6% decline posted in the previous month.

The increase was led by pharmaceuticals, specialized machinery, and petrochemicals.

Year-on-year, NODX to the majority of the top 10 markets, except Japan, Thailand, and Indonesia, expanded in November 2016. The largest contributors to the increase were the EU 28, Hong Kong, and China.

On a month-on-month seasonally adjusted, NODX rose 13.1% in November 2016 compared to the previous month’s 3.6% decrease, due to the rise in both electronic and non-electronic NODX. On a seasonally adjusted basis, the level of NODX reached SGD13.9 billion (US$9.6 billion) in November, higher than the SGD12.3 billion registered in the previous month.

Non-oil re-exports (NORX), on the other hand, rose 3.1% in November year-on-year compared to the 9.0% decline in the previous month. This is due to an increase in non-electronic NORX, which outweighed the contraction in electronic NORX, said IE Singapore.

Year-over-year, NORX grew by 3.1% in November, a reversal from the 9.0% decline in the previous month, due to the growth in non-electronic NORX which outweighed the decline in electronic re-exports.

Electronic NORX declined by 1.5% in November 2016 from the same month a year ago, following the 12.7% decrease in the previous month. The decline was due to ICs, PCs, and parts of ICs.

Non-electronic NORX grew by 8.2% in November year-over-year from the 4.4% fall in the previous month. The increase was due to petrochemicals, personal beauty products, and precious stones & pearls.

NORX to all of the top 10 re-export markets, except China, Indonesia, Malaysia, and the EU 28, grew in November 2016. The top three contributors to the NORX rise were Hong Kong, the US, and South Korea.

On a month-on-month seasonally adjusted basis, NORX rose 3.0% in November 2016, compared to the 0.4% decrease in the previous month, due to a hike in non-electronic NORX which outweighed the decline in electronic NORX. On a seasonally adjusted basis, the level of NORX reached SGD19.6 billion in November 2016, higher than the SGD19.1 billion registered in the preceding month.

Photo: Maersk Line

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