NODX posts 3.1% drop in October

Both electronic and non-electronic NODX reported declines.

Singapore’s non-oil domestic exports (NODX) posted a 3.1% YoY decline in October compared to a year ago, following the 5.8% YoY increase in September, as both non-electronics and electronics recorded declines, reports Enterprise Singapore.

On a month-on-month basis, October’s NODX dropped 5.3% MoM compared to the previous month, extending—albeit at a slower pace—the 11.4% MoM contraction in September. The level of NODX reached $13.1b in October, lower than the $13.8b in September.

Electronic NODX fell by 0.4% YoY in October, a drop from the 21.4% YoY expansion recorded in September. Majorly contributing to this decline is that of ICs, other computer peripherals, and parts of PCs falling by 12.8%, 6.9%, and 1%, respectively.

Non-electronic NODX also fell by 3.9% YoY over the same period of comparison, reversing the 1.7% growth in September. This came after non-monetary gold plunged 61% YoY during the month. Petrochemicals (-15.3%) and miscellaneous manufactured articles (-37.3%) also contributed to the decline in non-electronic NODX.

Meanwhile, non-oil re-exports (NORX) rose by 2.5% in October 2020, extending the 5.1% growth in September. The slower growth was attributed to the expansion in electronics was being offset by a decline in non-electronics.

On a seasonally adjusted (SA) basis, non-oil retained imports (NORI) dropped to $500m in October from $4.9b in September, and $4.4b in October 2019.

Total trade declined faster in October compared to a year ago, falling by 9% YoY during the month to extend the 1.9% YoY decrease in September. Total exports dropped by 8.6% YoY in October, following the previous month’s 2.1% YoY decline. Meanwhile, total imports declined by 9.3% YoY in October after the 1.6% YoY decrease in September.

Compared to September, total trade fell 3.1% MoM and reached $77.2b in October compared to $79.9b in the previous month. Over the same period of comparison, total exports shrunk by 1.6% MoM whilst total imports slipped 5.2% MoM.

Per market, NODX as a whole declined in October, although exports to the US, China, Japan, and the EU 27 grew. Hong Kong, Malaysia, and Thailand were the largest contributors to the decline, falling by -21% YoY, 7.8% YoY, and 12.2% YoY, respectively.

NODX to emerging markets also contracted in October, falling by 12% YoY to extend the 14.4% decline in September. This was mainly due to the Middle East, the Caribbean, and CLMV dropping by 31% YoY, 38.2% YoY, and 10.7% YoY, respectively.

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