ASEAN KEY DESTINATIONS
Singapore’s exports decline further in July
SINGAPORE: Non-oil domestic exports (NODX) in Singapore contracted 3.3 per cent on-year in July, dragged down by a decrease in both electronic and non-electronic exports.
The fall in NODX comes after a 4.6 per cent contraction in the previous month and a 6.6 per cent contraction in May, according to statistics released on Monday (Aug 18) by International Enterprise (IE) Singapore.
On a month-on-month seasonally adjusted basis, NODX rose by 2.5 per cent to S$13.9 billion in July, following the previous month's 1.5 per cent increase.
Electronic exports fell 7.9 per cent on-year last month, following the 17.4 per cent decrease in June. The decrease was largely due to shrinking sales of integrated circuits (IC) (-5.1 per cent), parts of PCs (-14.5 per cent) and disk media products (-18.5 per cent).
Non-electronic exports contracted by 1.1 per cent in July, in contrast to the 1.3 per cent expansion in the previous month. The decline was led by structures of ships and boats (-40.7 per cent), aircraft parts (-48 per cent) and civil engineering equipment parts (-25.4 per cent).
On a year-on-year basis, NODX to all of the top 10 markets – except the European Union, China, Taiwan and the US – fell in July. The top three contributors to the decline were Hong Kong, Indonesia and Japan.
Non-oil re-exports (NORX) declined by 1.7 per cent in July 2014, in contrast to the 7.5 per cent increase in June, due to the decline in both electronic and non-electronic re-exports.
Electronic re-exports decreased by 0.1 per cent in July, following the 6.4 per cent rise in the previous month. The contraction was due to telecommunications equipment (-18.4 per cent), PCs (-25.7 per cent) and consumer electronics (-8.6 per cent).
Non-electronic re-exports fell by 3.3 per cent last month, in contrast to the 8.7 per cent increase in June. The contraction was due to aircraft parts (-21.6 per cent), non-electric engines and motors (-26.7 per cent) and nickel (-49.1 per cent).
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