UPDATE: Singapore NODX expands 5.0 percent in August, but pace slows from July

Singapore two-dollar bills

Singapore’s non-oil domestic exports, or NODX, rose 5.0 percent on-year in August, slowing from an 11.0 percent expansion in July as continued growth in non-electronic exports outpaced an electronics-export decline, Enterprise Singapore said on Monday.

NODX to most of Singapore’s top-10 markets expanded in August, driven mainly by the U.S., the EU 28 and Indonesia, with the exceptions being China, South Korea, Hong Kong and Japan, it said.

The Singapore dollar didn’t react much to the release. The dollar/Sing rose as high as 1.3749 after the data, from around 1.3736 before the data’s release. The pair was at 1.3741 at 9:13 A.M. SGT.

Electronic NODX fell 1.5 percent on-year in August, narrowing from July’s 5.8 percent decrease, with declines in exports of diodes and transistors, parts of PCs and ICs contributing the most to the decrease, it said.

Non-electronic NODX increased 7.8 percent on-year in August, slower than July’s 18.6 percent expansion, with pharmaceuticals, food preparations and measuring instruments contributing the most to the growth, Enterprise Singapore said.

On a month-on-month seasonally adjusted basis, NODX rose 0.4 percent in August, after July’s 3.6 percent on-month expansion, it said.

Total trade increased 13.3 percent on-year in August, supported by good export and import growth, following July’s 17.4 percent increase, the data showed.

Total exports were up 13.5 percent on-year in August, after rising 13.3 percent in July, while total imports grew 13.2 percent in August, compared with a 22.0 percent rise in July, it said.

This article was originally published on Monday 17 September 2018 at 9:15 A.M. SGT; it has since been updated. 

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