NODX expanded by 4.2% in February

Total trade declined by 3.3% YOY.

Non-oil domestic exports (NODX) increased in February compared to the previous month, according to the latest data from Enterprise Singapore.

NODX grew by 4.2% in February, driven by non-electronic and electronic exports. Non-oil re-exports (NORX) likewise posted a 2.7% increase. These came of the heels of 12.7% and 8.8% growth, respectively in January.

Non-oil retained imports of intermediate goods (NORI) grew to $6.7b, or $1.2b higher than in the previous month.

However, on a year-on-year basis, total trade declined by 3.3% in February, continuing the decline of 1.9% seen in January. Total exports declined by 2% whilst imports decreased by 4.6% in February 2021.

On a year-on-year basis, electronic NODX grew by 7.4%, driven by PCs, telecommunication equipment, and diode and transistors, which expanded by 98.3%, 78.6% and 39.1%, respectively.

Non-electronic products grew by 3.3% YOY in Febrauy, driven by gold, specialised machinery, and petrochemicals, which grew by 167.5%, 35.6% and 19.3%, respectively.

Whilst NODX to top markets declined as a whole, exports to China, South Korea, Taiwan and Hong Kong grew. The European Union, Japan, and United States declined by 34.7%, 18% and 5.3%, respetively but retained their spots as the largest contributors to NODX.

NODX to emerging markets also grew in Cambodia, Laos, Myanmar, Vietnam, the Caribbean, and South Asia.

Domestic oil exports contracted by 28% YOY in February, following the 37.8% contraction recorded the month period due to low exports to the European Union, Hong Kong, and Malaysia.

On NORX, electronic products increased by 15.6% whilst non-electronic products declined by 9.5%.

The top three re-export destinations were China, Hong Kong and Indonesia, which all grew by 50.4%, 15.1% and 22.3%, respectively. Re-exports to South Korea, United States, Vietnam, Japan, and Taiwan posted a decline.

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