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.
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
Please see important Research Disclaimer.
Start trading forex today
Trade the largest and most volatile financial market in the world.
- Spreads start at just 0.6 points on EUR/USD
- Analyse market movements with our essential selection of charts
- Speculate from a range of platforms, including on mobile
Live prices on most popular markets
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.