Singapore NODX down 4.6% YoY in October

It was driven primarily by weaker demand for non-electronic products.

Singapore’s non-oil domestic exports (NODX) declined by 4.6% year-on-year (y-o-y) in October 2024.

According to Enterprise Singapore, this is a weaker-than-expected performance following a modest 0.9% increase in September.

Electronic NODX grew by 2.6%, reversing a 0.7% decline in September. Significant contributors to this growth were integrated circuits (ICs), disk media products, and other computer peripherals, which rose by 16.6%, 96.4%, and 236.1%, respectively.

Non-electronic NODX dropped 6.7% year-on-year in October 2024, following a 1.4% increase in September. The decline was primarily driven by significant drops in specialized machinery (-22.6%), pharmaceuticals (-40.4%), and petrochemicals (-7.4%), which were the main contributors to the overall decrease in non-electronic exports.

Exports to Taiwan, Malaysia, the US, South Korea, and Thailand grew, whilst exports to China, the EU, and Japan dropped.

NODX to China contracted by 22.3%, following a slight 0.1% decrease in September, mainly due to declines in specialised machinery, ICs, and measuring instruments.

Additionally, exports to the EU 27 fell by 21.4%, reversing a 37.4% increase in September, driven by drops in pharmaceuticals, telecommunications equipment, and measuring instruments.

Exports to Japan dropped by 23%, following an 11.3% decline in September, with personal computers, measuring instruments, and specialized machinery all seeing significant declines.

Overall trade also decreased by 2% in October, following a 0.4% increase in September. Total exports fell by 3.1%, whist total imports decreased by 0.9%, after showing a flat performance (0.0%) in the previous month and a 0.8% increase in imports.