NODX climbed 8.3% in October

It was driven by the 12.8% growth in the non-electronic segment.

Singapore’s non-oil domestic exports (NODX) climbed 8.3% YoY in October, extending the 8.1% growth in September as non-electronic exports continued to grow, Enterprise Singapore (ESG) revealed.

On a MoM seasonally adjusted (SA) basis, NODX increased 4.2% in October following September’s 4.4% decline.

NODX reached $15.6b in October as a result of an increase in both electronic and non-electronic NODX. This is significantly higher than September’s $14.9b.

Non-electronic NODX rose 12.8% YoY in October, with food preparations contributing the most to its growth with a 104.9% growth. This was followed by pharmaceuticals and specialised machinery which saw increases at 89.7% and 11.7%, respectively.

Electronic NODX on the other hand continued its downward trend from September with a 3.5% decline.

“PCs, diodes & transistors and disk media products declined by 18.9%, 24.4% and 11.6% respectively, contributing the most to the decrease in electronic domestic exports,” ESG said.

Meanwhile, ESG noted that NODX to emerging markets grew by 16.8% in October, continuing its 44.2% expansion in September.

For non-oil retained imports of intermediate goods (NORI), Singapore saw it decrease from $6.6b to $6b in October. However, it was above the 2017 average of $5.7b, ESG noted.

Total trade rose over the year in October at 20.1% YoY supported by export and import growth at 20.4% and 19.8% respectively. This also continued on from the 13.5% increase in total trade reported in September.

Additionally, oil domestic exports expanded 30.6% in October, with higher sales to Australia (208.3%), Indonesia (78.4%) and Hong Kong (62.7%) contributing the most to the YoY increase. In terms of volume however, oil domestic exports slipped 3.7% following the 14% decline reported in September.

Non-oil re-exports (NORX) also rose 26.4% YoY due to the growth in both electronic and non-electronic NORX. Electronic NORX rose 17% in October due to jumps in ICs (18%), telecommunications equipment (50%) and diodes & transistors (19.5%).

Non-electronic NORX expanded 36.1% as a result of increases in non-engines & motors (181.9%), aircraft parts (41.8%) and non-monetary gold (45.1%).

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