Singapore's external trade up

Singapore's non-oil domestic exports (NODX), a key gauge of the export performance of the small and highly open economy, edged up 0.3 percent in September on a year-on-year basis, said the International Enterprise (IE) Singapore on Friday.

The increase in September was in contrast to the 8.4 percent decline in August, mainly driven by an expansion in electronic NODX which outweighed the decrease in non-electronic NODX, said IE Singapore in the press release.

On a month-on-month seasonally adjusted basis, NODX expanded by 2.8 percent in September, compared to the 4.6 percent contraction in the previous month, due to the increase in both electronic and non-electronic NODX, reported Xinhua.

The trade promotion agency said that electronic NODX grew by 5.7 percent in September year-on-year, compared to the 2.7 percent decline in the previous month. The expansion in electronic domestic exports was largely due to integrated circuits, PCs and telecommunications equipment.

While non-electronic NODX decreased by 1.9 percent in September year-on-year, following the 10.7 percent decline in the previous month. The contraction in non-electronic NODX was led by petrochemicals, printed matter and primary chemicals.

On a year-on-year basis, NODX to all of the top 10 NODX markets expanded in September, except China, the US, South Korea, Taiwan and the EU. Japan, Thailand and Indonesia were the top contributors to the NODX growth in September.

Non-oil Re-exports (NORX) decreased by 0.1 percent in September year-on-year, in contrast to the 2.5 percent rise in the previous month, said IE Singapore. The drop was due to a decline in non-electronic NORX which outweighed the increase in electronic NORX.

Electronic NORX increased by 3.2 percent in September year-on-year, after the 3.6 percent rise in the previous month. The expansion in electronic NORX was driven by diodes and transistors, parts of PCs and telecommunications equipment.

While non-electronic NORX decreased by 3.6 percent in September on a year-on-year basis, in contrast to the 1.3 percent growth in the previous month. The contraction in non-electronic NORX was due to structures of ships and boats, nickel and civil engineering equipment parts.