Singapore exports rise at slower pace of 9.5% in February

SINGAPORE: Singapore's non-oil domestic exports (NODX) grew at a slower pace of 9.5 per cent in February on a year-on-year basis, after a 17.6 per cent expansion in the previous month. 

Both electronics and non-electronics exports went up, and exports to the top 10 markets grew in February, mainly due to the European Union's 27 nations, China and Malaysia, according to official data released by Enterprise Singapore (ESG) on Wednesday (Mar 16).

However, NODX to South Korea, Hong Kong, the US, Thailand and Indonesia fell. 

On a month-on-month seasonally adjusted basis, NODX fell 2.8 per cent in February, after a 5 per cent growth in the previous month. 

Non-electronic domestic exports fell while electronics rose. On a seasonally adjusted basis, the level of NODX reached S$17.6 million in February, lower than the S$18.1 billion recorded in the previous month.

NODX grew over the year, mainly due to non-electronics such as structures of ships and boats, pharmaceuticals and petrochemicals, said ESG. 

On a year-on-year basis, electronic NODX grew by 11.6 per cent in February, after the 14 per cent rise in January.

Integrated circuits, disk media products and capacitors contributed the most to the rise in electronic exports, rising by 21.6 per cent, 39.8 per cent and 247.6 per cent respectively. 

Non-electronic NODX grew by 8.8 per cent in February on a year-on-year basis, following the 18.6 per cent rise in the previous month. 

Structures of ships and boats, pharmaceuticals, as well as petrochemicals contributed most to the growth, said ESG. Pharmaceuticals rose by 39.5 per cent, while petrochemicals saw an increase of 19.4 per cent.

EXPORTS TO TOP MARKETS

"NODX to the top 10 markets as a whole rose in February 2022, though NODX to South Korea, Hong Kong, the US, Thailand and Indonesia declined," said ESG. 

The largest contributors to the growth were the 27 member states of the EU, China and Malaysia.

Exports to the EU 27 rose by 53.7 per cent in February, after the 32.3 per cent growth in the previous month. The growth was attributed to pharmaceuticals, specialised machinery and electrical circuit apparatus. 

Exports to China grew by 19.2 per cent in February, due to pharmaceuticals, petrochemicals and measuring instruments. 

Exports to Malaysia rose by 29.8 per cent in February due to integrated circuits, specialised machinery and medical apparatus. 

Shipments to emerging markets fell, mainly due to Cambodia, Laos, Myanmar and Vietnam, the Caribbean and the Middle East. 

Exports to emerging markets fell by 29.6 per cent in February, after the 21 per cent growth in the previous month. 

On a year-on-year basis, total trade rose by 21 per cent in February, following the 24.9 per cent rise in the previous month. 

Total exports grew by 22.3 per cent while total imports grew by 19.6 per cent.