Singapore NODX drops 10.1 percent in January, extending December decline

Singapore port and Sentosa islandSingapore port and Sentosa island

Singapore’s non-oil domestic exports, or NODX, declined 10.1 percent on-year in January, off a high year-ago base, extending December’s 8.5 percent decline, Enterprise Singapore said on Monday.

In the wake of the data, the Singapore dollar rose slightly. The U.S. dollar was fetching as little as S$1.3552 after the data, down from as high as S$1.3569 shortly before its release. The dollar/Singapore dollar was at 1.3558 at 9:12 A.M. SGT.

Both electronics and non-electronic NODX posted declines in January.

Electronics NODX fell 15.9 percent on-year in January after dropping 11.2 percent in December, as PCs, disk media products and integrated circuits showed contraction, it said.

Non-electronics NODX declined 7.9 percent on-year in January after falling 7.4 percent in December, with specialized machinery, petrochemicals and non-electric engines and motors contributing the most to the contraction, it said.

On a country basis, NODX for all of the top 10 markets declined, with the largest contributors China, down 25.4 percent, South Korea, off 31.4 percent, and Hong Kong, falling 11.7 percent, it said.

On an on-month, seasonally adjusted basis, January NODX fell 5.7 percent after December’s 0.4 percent decline, the report said.

Total trade for January increased 4.3 percent on-year, extending December’s 1.6 percent rise, as total imports grew 8.0 percent and total exports increased 1.0 percent, the data showed.

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