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Singapore NODX continues to contract with an 8.9% decline in August

The weak performance last month – which marks the sixth consecutive month of year-on-year decline - was due to a fall in both electronic and non-electronic exports.

Singapore’s non-oil domestic exports (NODX) contracted for the month of August, data from the country’s trade agency Enterprise Singapore showed on Tuesday morning (Sept 17, 2019).

The weak performance last month – which marks the sixth consecutive month of a year-on-year decline - was due to a fall in both electronic and non-electronic exports.

NODX sank by 8.9% year-on-year for last month, which was better than the 12.2% contraction private economists had predicted in a Reuters poll. For the month of July, NODX fell by a revised 11.4%.

For last month, NODX shipments to most of the top markets fell, except for China. The worst performers were Hong Kong, the United States, and Malaysia, which had posted double-digit declines in shipments of both electronic and non-electronic goods.

Shipments to China was boosted by a 58% year-on-year increase in non-electronic products, offset by a 20.1% decline in electronic shipments. Overall, NODX shipments to China for August was up by 38.5%.

For last month, shipments of electronic goods sank by 25.9%, extending from the 24.2% decline in the previous month. Contributors to the fall were integrated circuits, personal computers, and disk media products which contracted by 32.1%, 28.6%, and 11.9%, respectively.

Non-electronic products posted a 2.2% decline in shipments in August, easing from the 6.7% fall in the previous month. The largest contributors to the decline were pharmaceuticals, petrochemicals, and primary chemicals, which fell by 23.6%, 20.8%, and 29.3%, respectively.

Total trade for last month was down by 8.6%, following the 6.2% decline in the previous month, as both total imports and exports fell.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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