Singapore’s February non-oil domestic exports up 4.9% as US-Sino trade tensions ease

An increase in shipments to China and the United States helped boost the export numbers, as trade tensions between the two largest economies cool as they come to the final stages of their US-China trade deal.

Singapore’s non-oil domestic exports (Nodx) beat expectations for the month of February as it rose by 4.9% on a year-on-year basis, a reversal from the double-digit drop in the previous month. An increase in shipments to China and the United States (US) helped boost the export numbers, as trade tensions between the two largest economies cool as they come to the final stages of their US-China trade deal.

Nodx last month rebounded from the 10.1% decline in January, supported by a boost from non-electronic exports, data from Singapore’s trade agency Enterprise Singapore showed on Monday. Economists in a Bloomberg poll had expected a 1.6% fall.

On a month-on-month seasonally-adjusted basis, Nodx gained 16.0% for last month, reversing from the 5.7% fall in January, due to growth in both electronic and non-electronic exports.

Electronic products down by 8.0%, non-electronics gain 9.4%

Shipments of electronic products fell by 8.0% for last month, cooling from the 15.9% decline in January. The fall in shipments were due to declines from disk media products, personal computers, and diodes and transistors, which fell by 42.2%, 28.9%, and 29.6%, respectively.

Non-electronic goods rose in shipments for last month by 9.4%, contrasting from the 7.9% fall in the previous month, supported by increased shipments of non-monetary gold, pharmaceuticals, and food preparations, at 258.0%, 12.0%, and 18.5%, respectively.

Exports to China and the US increase in February

Nodx to most of the top ten markets increased for last month, except for Japan, South Korea, the European Union, and Indonesia.

The largest gainers last month were China, Hong Kong and the US.

Nodx to China rose by 34.4%, reversing from the 25.4% contraction in the previous month, as non-monetary gold, aromatic chemicals, and petrochemicals grew by a robust 529.0%, 533.7%, and 5.8%, respectively.

Meanwhile, Nodx to the US gained by 6.6%, in contrast to the 4.6% fall in the preceding month. The growth was supported by increased shipments of food preparations, miscellaneous manufactured articles, and medical apparatus.

Total trade gained 3.3% for February from a year ago, extending from the 4.2% growth in January, with support seen from import and export growth.

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