Singapore exports grew at faster pace of 11.4% in August
A container vessel anchored out past the Pasir Panjang terminal is seen behind cable car cabins in Singapore on Jun 17, 2022. (File photo: AFP/Roslan Rahman)
SINGAPORE: Singapore's non-oil domestic exports (NODX) grew at a faster pace of 11.4 per cent year-on-year in August, following the 7 per cent growth in July.
Non-electronics exports rose while electronics exports decreased from a high base a year ago, according to official data released by Enterprise Singapore (ESG) on Friday (Sep 16).
Exports to the top 10 markets as a whole grew in August, mainly due to the US, the 27 European Union countries and Indonesia. Exports to China, Taiwan and Hong Kong declined.
On a month-on-month seasonally adjusted basis, NODX decreased by 3.9 per cent in August, following the previous month's 1.4 per cent growth. Both electronics and non-electronics declined.
On a seasonally adjusted basis, the level of NODX reached S$17.1 billion in August. This was lower than July's S$17.8 billion, although higher than levels a year ago.
NODX rose over the year, mainly due to shipments of non-electronics, while electronics declined.
On a year-on-year basis, electronics NODX declined by 4.5 per cent in August, following the 10.3 per cent growth in the previous month.
Integrated circuits, disk media products and personal computer parts declined by 6.6 per cent, 21.3 per cent and 23.5 per cent respectively, contributing the most to the decline in electronics NODX.
Non-electronics NODX increased by 16.9 per cent in August on a year-on-year basis, following the 6.1 per cent rise the previous month.
Food preparations, pharmaceuticals and structures of ships and boats contributed the most to the growth in non-electronics NODX.
EXPORTS TO TOP MARKETS
Exports to the top 10 markets as a whole rose in August, with the largest contributors to the growth being the US, the 27 European Union countries and Indonesia.
NODX to the US rose by 60 per cent in August, following the 10.9 per cent growth in the preceding month, due to structures of ships and boats, food preparations and measuring instruments.
Exports to the EU countries expanded by 57.3 per cent, after the 22.9 per cent rise in July, due to pharmaceuticals, telecommunications equipment and specialised machinery.
Exports to Indonesia grew by 26.3 per cent in August, following the 22.8 per cent increase in July due to non-monetary gold, integrated circuits and PCs.
Exports to emerging markets increased by 25 per cent in August, following the 34.1 per cent expansion in July. The rise in exports to emerging markets was mainly due to Cambodia, Laos, Myanmar, Vietnam, the Middle East and South Asia.
Total trade grew by 26 per cent year-on-year in August, following the expansion of 30.5 per cent in July. Total exports expanded by 21.8 per cent while total imports grew by 30.9 per cent.
