Non-oil domestic exports slip 0.1% YoY in May

A 6.0% YoY drop in non-electronic products drove the decline.

Non-oil domestic exports (NODX) fell by 0.1% year-on-year in May, improving from a 9.6% drop in April.

Enterprise Singapore reported that the decline was primarily due to the 6.0% YoY decrease in non-electronic products.

Significant contractions in non-monetary gold (-47.2%), pharmaceuticals (-37.5%), and electrical circuit apparatus (21.8%) drove the decrease in non-electronic NODX.

On the flip side, electronic NODX increased by 21.9% amidst growth in ICs (35.8%), disk media products (92.0%), and PCs (27.2%).

Despite declines to China, Taiwan, the EU 27, Japan, and Thailand, NODX to top markets grew in May. The largest contributors to the increase were Hong Kong (+73.4%), Malaysia (+23.6%), and the US (12.1%).

Meanwhile, non-oil re-exports (NORX) grew by 14.1% in May, albeit lower than the 25.4% growth in April.

In addition, non-oil Retained Imports of Intermediate Goods (NORI) increased to $6.7b in May from $5.6b a year ago.

The rise in total exports (12.6%) and total imports (16.0%) improved total trade by 14.2%.

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