NODX down 8.9% in August

Electronic exports dropped 25.9%.

Non-oil domestic exports (NODX) in Singapore dropped to 8.9% YoY in August, Enterprise Singapore reported. According to UOB Global Economics & Markets Research, this has been the sixth consecutive fall, though at a moderate rate from 11.4% in July.

Also read: NODX decline narrowed to 11.2% in July

On a MoM seasonally adjusted basis, exports rose 6.7% to $14.3b, after the 3.5% growth from July.

Both electronic and non-electronic NODX declined 25.9% and 2.2% YoY in the same month. Integrated circuit exports plunged 32.1%, followed by PCs by 28.6% and disk media products by 11.9%.

Meanwhile, the products that contributed the most to the slide in non-electronic exports were primary chemicals (29.3%), pharmaceuticals (23.6%) and petrochemicals (20.8%).

Likewise, NODX to the majority of top markets dropped, mainly Hong Kong by 32% YoY, US by 15%, and Malaysia by 19.7%. Only China saw a growth in exports by 38.5%.

With this, UOB expects the NODX for the full year to contract 8.5%.

Similarly, total trade fell 8.6% YoY but inched up 1.8% MoM to $84.5b. Total imports and exports declined 6.4% and 10.4% YoY, respectively.

Non-oil retained imports of intermediate goods (NORI) dipped to $5.6b from $5.8b from the previous month.

Meanwhile, non-oil re-exports (NORX), which UOB noted to be a known indication of the wholesale sector's health, edged down 5.4% YoY.

Oil domestic exports fell 27.3% YoY, with Malaysia seeing the biggest plunge by 42.1%.

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