Non-oil domestic exports (NODX) in Singapore jumped by 13 per cent year-on-year in January, revealed the latest statistics revealed by trade agency International Enterprise (IE) Singapore today. This was due to the rise in non-electronic exports which outweighed the decline in electronics.
The performance was better than the 9.0 per cent increase predicted by economists in a Reuters poll.
However, on a month-on-month seasonally adjusted basis, exports decreased by 0.3 per cent in January this year following the previous month's 1.9 per cent decline.
“Electronic NODX declined for the second month after posting growth for the large part of 2017; non-electronic NODX grew for the eighth month straight,” said IE in a press release issued today.
Regarding the performance of electronic products, on a year-on-year basis, electronic NODX decreased by 3.9 per cent in January 2018, following the 5.3 per cent decline in the previous month. ICs, parts of PCs and disk drives declined by 10 per cent, 31.4 per cent and 39.4 per cent respectively, and they contributed the most to the decrease in electronic domestic exports.
The rise in Singapore exports was mostly due to the performance of non-electronic products. On a year-on-year basis, non-electronic NODX expanded by 20.7% in January 2018, following the 6.8 per cent increase in the previous month. Non-electric engines and motors, food preparations and measuring instruments increased by 383.6 per cent, 100 per cent and 43.2 per cent respectively, contributing the most to the growth in non-electronic NODX.
Non-electronic shipments rose 20.7 per cent year-on-year in January, following a 6.8 per cent increase the previous month and marking the eighth straight month of growth.
Exports to Singapore's top 10 markets grew as a whole year-on-year in January, although shipments to Taiwan and Thailand declined. Growth was led by the United States, European Union and Japan.
As far as the total trade was concerned, IE said, “On a year-on-year basis, total trade increased by 7.1 per cent in January 2018, following the 1.1 per cent growth in the preceding month. Total exports grew by 9.2 per cent in January 2018, after the 0.6 per cent rise in December 2017. Total imports rose by 4.8 per cent in January 2018, following the 1.6 per cent increase in December 2017.