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Singapore’s non-oil exports expand at slower pace of 7% in July

Exports to the top 10 markets as a whole rose in July, mainly due to the 27 European Union countries, Malaysia and Taiwan.

Singapore’s non-oil exports expand at slower pace of 7% in July

Stacks of containers are seen at the Tanjong Pagar Terminal port in Singapore on Jan 17, 2022. (File photo: AFP/Roslan Rahman)

SINGAPORE: Singapore's non-oil domestic exports (NODX) grew at a slower pace of 7 per cent year-on-year in July after the revised 8.5 per cent growth in June, expanding for the 20th straight month.

Both electronics and non-electronics exports increased, and exports to the top 10 markets as a whole rose, mainly due to the 27 European Union countries, Malaysia and Taiwan, according to official data released by Enterprise Singapore (ESG) on Wednesday (Aug 17).

However, NODX to China, Japan, Hong Kong and Thailand declined.

On a month-on-month seasonally adjusted basis, NODX increased at a slower pace of 1.4 per cent in July, following the previous month's revised 3.2 per cent growth. Both electronics and non-electronics grew.

On a seasonally adjusted basis, the level of NODX reached S$17.8 billion in July, slightly higher than the previous month's adjusted S$17.6 billion, as well as levels a year ago.

NODX rose over the year, mainly due to shipments of non-electronics. Electronics also grew.

On a year-on-year basis, electronic NODX rose by 10.3 per cent in July, following the 4.1 per cent growth in the previous month.

Integrated circuits, parts of integrated circuits and disk drives rose by 18.5 per cent, 83.2 per cent and 110.2 per cent respectively, contributing the most to the growth in electronic NODX.

Non-electronic NODX increased by 6.1 per cent in July on a year-on-year basis, following the revised 10 per cent rise the previous month.

Specialised machinery, pharmaceuticals and structures of ships and boats contributed the most to the growth in non-electronic NODX.

EXPORTS TO TOP MARKETS

NODX to the top 10 markets as a whole rose in June, with the largest contributors to the growth being the 27 European Union countries, Malaysia and Taiwan.

Exports to the EU countries expanded by 22.9 per cent, after the 16.4 per cent decline in June, due to pharmaceuticals, specialised machinery and integrated circuits.

NODX to Malaysia rose by 29.9 per cent in July, following the 43 per cent growth in the previous month, due to integrated circuits, non-monetary gold and primary chemicals.

Exports to Taiwan grew by 24.4 per cent in July, following the 9.4 per cent increase in June due to specialised machinery, integrated circuits and parts of integrated circuits.

Exports to emerging markets increased by 34.1 per cent in July, a rise from the 30.3 per cent expansion in June. The rise in exports to emerging markets was mainly due to Cambodia, Laos, Myanmar, Vietnam, Latin America and the Middle East.

On a year-on-year basis, total trade grew by 31 per cent in July, following the revised expansion of 30.8 per cent in June.

Total exports expanded by 29.1 while total imports grew by 33 per cent.

Source: CNA/ng(gr)

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