UPDATE: Singapore December NODX drops for second straight month

Singapore five-dollar note Photo by Leslie Shaffer

Singapore’s non-oil domestic exports, or NODX, dropped 8.5 percent on-year in December, falling for a second month, on a high base a year earlier, according to data released by Enterprise Singapore on Thursday.

That compared with a decline of 2.8 percent in November, it said.

The Singapore dollar didn’t move much on the news; the dollar/Singapore dollar was around 1.3540 to 1.3545 shortly before the data were released, and then climbed as high as 1.3553 after the report. At 9:04 A.M. SGT, the pair was at 1.3544.

Electronics NODX fell 11.2 percent on-year in December, after rising 4.3 percent in November, as PCs, disk media products and diodes and transistors contracted by 20.5 percent, 28.5 percent and 34.4 percent respectively, Enterprise Singapore said.

Non-electronics NODX fell 7.4 percent on-year in December, extending November’s 5.4 percent decrease, with specialized machinery, pharmaceuticals and primary chemicals the biggest contributors to the decline, it said.

With the exceptions of China and the U.S., NODX to Singapore’s top 10 markets fell in December, with the EU 28, South Korea and Malaysia the biggest contributors to the decline, the data showed. NODX to the EU 28 fell 28.7 percent in December, while NODX to South Korea and Malaysia fell 39.1 percent and 15.5 percent, respectively, it said.

On a month-on-month basis, December NODX fell 5.7 percent, after falling 4.3 percent on-month in November, it said.

Total trade in the city-state increased by 1.6 percent in December, after rising 7.4 percent in November, it said.

Total imports rose 6.1 percent in December, after increasing 8.8 percent in November, while total exports fell 2.5 percent in December, after rising 6.1 percent in November, the data showed.

This article was originally published on Thursday, 17 January 2019 at 8:48 A.M. SGT; it has since been updated. 

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