Singapore’s exports grow at faster pace of 12.4% in May
Stacks of containers are seen at Singapore's Tanjong Pagar Terminal on Jan 17, 2022. (File photo: AFP/Roslan Rahman)
SINGAPORE: Singapore's non-oil domestic exports (NODX) grew at a faster pace of 12.4 per cent year-on-year in May from a low base in 2021, following the 6.4 per cent growth in April.
Both electronics and non-electronics exports increased, and exports to the top 10 markets as a whole rose in May, mainly due to Malaysia, Taiwan and Indonesia, according to official data released by Enterprise Singapore (ESG) on Friday (Jun 17).
NODX to the United States, the 27 European Union countries, Hong Kong and South Korea declined.
On a month-on-month seasonally adjusted basis, NODX increased by 3.2 per cent in May, following the previous month's 3.3 per cent decline. Both electronics and non-electronics grew.
On a seasonally adjusted basis, the level of NODX reached S$17.1 billion in May, higher than the previous month's S$16.6 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 12.9 per cent in May, following the 12.8 per cent growth in the previous month.
Integrated circuits, parts of integrated circuits and disk media products rose by 26.6 per cent, 116.3 per cent and 10.3 per cent respectively, contributing the most to the growth in electronic NODX.
Non-electronic NODX increased by 12.2 per cent in May on a year-on-year basis, following the 4.6 per cent rise the previous month.
Non-monetary gold, specialised machinery and measuring instruments contributed the most to the growth in non-electronic NODX, increasing by 344.4 per cent, 26.4 per cent and 38 per cent respectively.
EXPORTS TO TOP MARKETS
NODX to the top 10 markets as a whole rose in May, with the largest contributors to that growth being Malaysia, Taiwan and Indonesia.
Exports to Malaysia increased by 27.9 per cent in May, after a 20.7 per cent rise in April, due to integrated circuits, non-monetary gold and measuring instruments.
Exports to Taiwan rose by 24.7 per cent in May, following the 29.8 per cent growth in the preceding month, due to specialised machinery, parts of integrated circuits and measuring instruments.
Exports to Indonesia increased by 41.4 per cent in May, following the 20.9 per cent expansion in the preceding month, due to plastic plates and sheets, petrochemicals and non-monetary gold.
Exports to emerging markets grew by 61.9 per cent in May, following the 1.5 per cent decline in April. The rise in exports to emerging markets was mainly due to the Cambodia, Laos, Myanmar and Vietnam grouping, Latin America and South Asia.
On a year-on-year basis, total trade grew by 32.4 per cent in May, following the 21.6 per cent increase in April. Total exports grew by 26.9 per cent while total imports expanded by 38.7 per cent.
