NODX up 17% in August

Thanks to higher electronic and non-electronic exports.

Singapore's non-domestic oil exports (NODX) rose 17% YoY in August.

According to International Enterprise Singapore (IE Singapore), the rise was caused by an increase in both electronic and non-electronic exports.

On a seasonally adjusted basis, NODX reached $14.7b in August, higher than last month's $14.1b.

Meanwhile, non-oil retained imports of intermediate goods (NORI) stayed at $4.6b. For the first eight months of 2017, the NORI stayed close to the 2016 average of $5b.

Total trade grew by 15.6%, marking the tenth consecutive month of growth for exports and imports. Exports rose by 15.2%, whilst imports grew by 15.9%.

China led the contributions to NODX, which grew 43.2%, followed by Hong Kong at 41.9%, and South Korea at 62%.

Meanwhile, NODX to emerging markets fell by 9.8%. Latin America saw the hardest fall at -58.3%, followed by the Middle East at -32.1%, and South Africa at -11.8%.

Oil domestic exports grew 23.5%, due to higher sales in China, Australia, and Europe.

Non-oil re-exports also rose by 11.9%, albeit slower than last month's 16.7% expansion.

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