In August, Singapore's non-oil domestic exports (NODX) experienced growth, albeit at a slower pace than in the previous month, according to data released by Enterprise Singapore on Tuesday.
NODX increased by 10.7% year-over-year in August, following a 15.7% rise in July.
The data revealed a robust 35.1% surge in electronic product exports, driven by strong demand for integrated circuits (ICs), disk media products, and personal computers (PCs). In contrast, non-electronic product exports grew by a modest 3.7%.
On a month-over-month basis, NODX declined by 4.7%, reversing from a 12.2% expansion in the previous period. While electronic exports saw growth, non-electronic exports fell.
When examining NODX to key markets, there was overall growth in August. However, exports to the EU 27 and Japan declined. The primary contributors to the growth were Hong Kong, China, and Malaysia. Non-oil re-exports rose by 4.6% year-over-year, down from 11.7% growth in the prior month.
Robert Carnell, an economist at ING, commented, “Extracting the signal from all the noise of the non-oil domestic exports (NODX) series is not easy - but by stripping away as much of the volatility as we dare without losing the underlying trend, it looks as if exports continue to make modest progress.”
