NODX down 17.3% in June

Electronic NODX contracted 31.9% YoY.

Non-oil domestic exports (NODX) dropped 17.3% YoY in June, extending the 16.3% decline reported in May, as both electronic and non-electronic exports decreased, according to Enterprise Singapore (ESG).

On a MoM basis, NODX slipped 7.6% to $12.9b from $14b in May, bucking the upward trend seen in the previous months.

Electronic NODX crashed 31.9% YoY in June, continuing May’s 31.6% decline. ICs, PCs and disk media products contracted 33%, 44.6% and 41.7%, respectively, contributing the most to the decline in electronic NODX.

The NODX decline for non-electronic products widened 12.4% YoY from 11.1% in May. Non-monetary gold (-50.2%), petrochemicals (-16.7%) and pharmaceuticals (-11.3%) contributed the most to the dip in non-electronic NODX.

NODX to the majority of the top markets decreased in June 2019, except the US. The largest contributors to the NODX decline were Hong Kong (-38.2%), China (-15.8%) and the EU 28 (-22.1%). As well, NODX to emerging markets declined 17% in June 2019, following the 18% decrease in the previous month. The decline in NODX to the emerging markets was mainly due to Cambodia, Laos, Myanmar and Vietnam (CLMV) at -37.5%, Latin America (-26.8%) and the Middle East (-16.4%).

Meanwhile, non-oil retained imports of intermediate goods (NORI) edged up $600m from $5.3b in May to $5.9b in June. ESG noted that total trade slipped 7.2% YoY in June after the 2.2% decline in May, with total exports slumping 9.3% YoY.

Non-oil re-exports (NORX) also dropped 2.8% YoY in June, bucking the 5% increase recorded in May, thanks to declines in both electronic and non-electronic re-exports. Electronic NORX edged down 2.3% YoY led by decreases in ICs (-4.3%), parts of ICs (-68.9%) and disk media products (-26%). Non-electronic NORX fell 3.2% YoY due to non-monetary gold, aircraft parts and precious stones & pearls which declined 71%, 26.8% and 24%, respectively.

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