Singapore external trade registers flat growth in August
Compared to the 10.6 percent decrease in the previous month, the flat growth in August was because the increase in non-electronic NODX outweighed the decline in electronic NODX, according to IE Singapore.
On a month-on-month seasonally adjusted basis, NODX decreased by 1.9 percent in August, following the previous month's 1.9 percent decrease. The decline was due to a contraction in both electronic and non-electronic NODX.
The trade promotion agency said electronic NODX declined by 6.0 percent in August year-on-year, following the 12.9 percent contraction in the previous month. The decrease in electronic domestic exports was largely due to PCs, disk drives and ICs.
While non-electronic NODX increased by 2.7 percent in August year-on-year, compared to the 9.5 percent contraction in the previous month. IE Singapore said the rise in non-electronic NODX was led by non-electric engines and motors, specialized machinery and structural parts made of iron, steel and aluminium.
IE Singapore said NODX to the majority of top 10 markets rose in August, except the EU 28, China, Japan and Indonesia. The largest contributors to the increase in NODX were China's Taiwan, China's Hong Kong and the United States.
Non-oil Re-exports (NORX) grew by 8.6 percent in August year-on-year in contrast to the 1.9 percent decrease in the previous month. IE Singapore said the growth was due to an expansion in both electronic and non-electronic NORX.
On a year-on-year basis, electronic NORX increased by 6.3 percent in August, compared to the 5.9 percent decline in the previous month. The rise in electronic NORX was due to ICs, diodes and transistors and disk media products.
While non-electronic NORX rose 11.1 percent in August year-on-year, following the 2.8 percent increase in the previous month. The expansion in non-electronic NORX was due to aircraft parts, primary chemicals and non-electric engines and motors. ■