The Magazine for Asian Investors
Singapore’s non-oil exports grew by 11.4% in August
Singapore’s non-oil domestic exports (NODX) rose 11.4% in August from a year earlier, following a 7% growth in July.
Enterprise Singapore (ESG) said Friday (Sept. 16) that exports of non-electronics products rose, while exports of electronics products fell from a high-level last year.
On a seasonally adjusted basis, the NODX declined 3.9% in August from the previous month.
Seasonally adjusted NODX reached S$17.1 billion in August. This was lower than the S$17.8 billion in July but higher than last year.
NODX has increased in the past year. This is mainly due to the export of non-electronic goods, while the transport of electronic goods has declined.
Year-over-year, the NODX electronics market declined 4.5% in August after growing 10.3% the previous month.
Integrated circuits, disc media products, and PC parts declined by 6.6%, 21.3%, and 23.5%, respectively, causing the largest declines in electronic NODX.
The non-electronic NODX rose 16.9% in August from a year earlier. This followed an increase of 6.1% in the previous month.
Food preparation, pharmaceuticals, and ship and boat building are the largest contributors to the growth of non-electronic NODX.
