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HomeBreaking NewsSingapore's August non-oil exports contract 8.4%

Singapore’s August non-oil exports contract 8.4%

Singapore_Merlion-at-Marina-BayNon-oil domestic exports (NODX) of Singapore fell 8.4% year-on-year (y-o-y) in August 2015, following a 0.7% yearly decline in the previous month, according to the International Enterprise Singapore (IE Singapore).

In its latest data release, IE Singapore said this was due to a contraction in both electronic and non-electronic NODX.

NODX to all of the top 10 markets except the U.S., Thailand, and Hong Kong contracted in August 2015.

The top contributors to the NODX decline in August 2015 were Taiwan, South Korea, and China.

On a month-on-month seasonally adjusted basis, the NODX declined by 4.6% in August 2015, compared to the previous month’s 2.5% expansion, due to the decrease in both electronic and non-electronic NODX.

On a seasonally adjusted basis, the level of NODX reached S$13.3 billion (US$9.5 billion) in August 2015, lower than the S$14 billion registered in the previous month.

Electronic NODX declined by 2.7% in August 2015 compared to the 2.5% increase in the previous month.

Non-electronic NODX decreased by 10.6% in August 2015, following the 2% decline in the previous month.

The contraction in non-electronic NODX was led by petrochemicals (-29.2%), pharmaceuticals (-9.3%), and structures of ships and boats (-96.8%).

On a y-o-y basis, non-oil re-exports (NORX) grew by 2.6% in August 2015 after the 4.5% rise in the previous month due to an expansion in both electronic and non-electronic NORX.

NORX to all of the top 10 markets, except Indonesia, Malaysia, and Thailand, increased in August 2015.

The top three contributors to the NORX rise in August 2015 were the U.S. (19.4%), Japan (22.2%), and Hong Kong (5.1%).

On Singapore’s total trade in August, IE Singapore said figures went down 9% y-o-y following the 6.6% decline in the previous month. Total exports decreased by 10.8% in August 2015, following the 4.2% contraction in the previous month. Total imports declined by 6.8% following the 9.2% decrease in the preceding month.

On a m-o-m seasonally adjusted basis, total trade contracted by 4.8% in August 2015, in contrast to the 2.3% growth in the previous month. On a seasonally adjusted basis, the level of total trade reached S$72.7 billion, lower than the previous month’s achievement of S$76.4 billion. Total exports declined by 6.7%, in contrast to the 4.4% rise in the previous month. Total imports decreased by 2.5% in August 2015, following the 0.2% contraction in the previous month.

Photo: CEphoto, Uwe Aranas

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