NODX eases down growth to 5% in August

The growth in non-electronic NODX outweighed the declines in electronics.

Singapore’s non-oil domestic exports (NODX) grew by 5% YoY in August, which is lower compared to the 11% expansion recorded in July 2018, Enterprise Singapore (ESG) revealed. The August expansion was pushed by the growth in non-electronic NODX which outweighed the decline in electronics.

On a MoM basis, NODX rose 0.4% from the July’s 3.6% MoM growth. Enterprise Singapore noted that NODX hit $15.6b in August which is similar to the previous month. Meanwhile, non-oil retained imports of intermediate goods (NORI) dropped by $1.1b to $5.4b in August.

The growth in total trade eased down to 13.3% YoY from 17.4% YoY in July. Total exports jumped 13.5% in August after the 13.3% growth from the previous month whilst total imports’ expansion cooled down to 13.2% from a growth of 22% in July.

According to ESG, electronic NODX slipped 1.5% YoY, following the 5.8% decrease in July. Diodes & transistors, parts of PCs and ICs fell by 28.8%, 47.8% and 1.% respectively, contributing the most to the decrease in electronic domestic exports.

Meanwhile, non-electronic NODX grew 7.8% in August 2018, which is lower compared to the 18.6% expansion in July. Growth in food preparations segment surged by 82.8% whilst pharmaceuticals (+33.4%) and measuring instruments (+22.2%) also saw significant growth rates.

NODX to the majority of the top 10 markets rose in August 2018, except China, South Korea, Hong Kong and Japan. US (29.3%) was the largest contributor to the increase, followed by the EU (+14.1%) and Indonesia (+27.6%).

Meanwhile, growth of NODX to emerging markets cooled down to 27.7% in August, following the 41.1% expansion in July.

Oil domestic exports grew by 36%, cooling down from the 38.2% rise in July. The August growth was backed by higher sales to Malaysia, Indonesia, and Hong Kong. In volume terms, oil domestic exports dipped 0.2% in August 2018.

For non-oil re-exports (NORX), growth jumped to 14.1% extending the 8.4% increase in July amidst the growth in both electronic and non-electronic NORX.

According to ESG, electronic NORX inched up 1.2% YoY due to ICs (+3.9%), telecommunications equipment (+33.9%) and parts of PCs (+5.9%). On the other hand, non-electronic NORX expanded by 29.7% in August following the 23.4% rise from last month amidst the growth in non-monetary gold (+314.5%), non-electric engines & motors (+102.9%) and electrical circuit apparatus (+86.6%).

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia