Singapore's Non-Oil Domestic Exports Drop At Slower Annual Rate In August

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Singapore's non-oil domestic exports or NODX fell more than expected in August on an annual basis, although at a slower rate than in the previous month, a report from the International Enterprise Singapore said Thursday. Non-oil re-exports or NORX also recorded a yearly decline in August. On a monthly basis, however, both NODX and NORX registered increases in August albeit at a slower pace.

NODX dropped 7.1% year-on-year in August, following the 8.7% decrease in the previous month, mainly as a result of lower electronic and non-electronic NODX. Economists had expected non-oil domestic exports to drop at an annual rate of 5%.

Electronic NODX slipped 14% annually in August compared to the 15% contraction in the previous month, mainly due to reduced exports of parts of PCs, parts of ICs and telecommunications equipment. Non-electronic NODX decreased 2.8% in August, slower than the 4.8% slide in July, as a consequence of lower exports of petrochemicals, primary chemicals and plastic plates & sheets.

Among the trading partners, the agency said NODX to the EU27, the U.S. and Indonesia declined the most. Non-oil domestic exports to the European Union dipped 27% in August compared to the 9.4% rise in the previous month, while NODX to the U.S. decreased 21% after falling 25% in the preceding month. Further, NODX to China declined 5.3% , to Malaysia by 14%, to Indonesia by 21%, and to Japan by 4.7%.

Month-on-month, NODX increased a seasonally adjusted 1.3% in August, slower than the 5.9% rise in the prior month.

Meanwhile, oil domestic exports fell 45% year-on-year in August, after a 44% decrease in the prior month. On a monthly basis, oil domestic exports decreased a seasonally adjusted 2.8% in August compared to the 11% rise in July.

At the same time, non-oil re-exports or NORX declined 16% annually compared to the 17% fall in the preceding month. Month-on-month, NORX was up a seasonally adjusted 1.5%, slower than the 6.1% increase in July.

In August, total trade slipped 20% compared to the previous year following the 25% decrease in the previous month. Total exports fell 19% on top of the 22% slide in July. Total imports were down 21% compared to the 27% drop in the preceding month. Month-on-month, total trade increased at a seasonally adjusted rate of 0.9% compared to the 5.5% rise in the previous month.

Following the release of the export data, the Singapore dollar eased against its major counterparts.

Singapore's non-oil domestic exports or NODX fell more than expected in August on an annual basis, a report from the International Enterprise Singapore said Thursday. Non-oil re-exports or NORX also recorded a yearly decline in August. On a monthly basis, however, both NODX and NORX registered increases in August albeit at a slower pace. (Market News Provided by RTTNews)