MOSCOW (MRC) -- Singapore's non-oil domestic exports (NODX) grew at a slower pace of 7 per cent year-on-year in July after the revised 8.5 per cent growth in June, expanding for the 20th straight month, said Channelnewsasia.
Both electronics and non-electronics exports increased, and exports to the top 10 markets as a whole rose, mainly due to the 27 European Union countries, Malaysia and Taiwan, according to official data released by Enterprise Singapore (ESG) on Wednesday (Aug 17).
However, NODX to China, Japan, Hong Kong and Thailand declined. On a month-on-month seasonally adjusted basis, NODX increased at a slower pace of 1.4 per cent in July, following the previous month's revised 3.2 per cent growth. Both electronics and non-electronics grew.
On a seasonally adjusted basis, the level of NODX reached SD17.8 billion in July, slightly higher than the previous month's adjusted SD17.6 billion, as well as levels a year ago. NODX rose over the year, mainly due to shipments of non-electronics. Electronics also grew. On a year-on-year basis, electronic NODX rose by 10.3 per cent in July, following the 4.1 per cent growth in the previous month.
Integrated circuits, parts of integrated circuits and disk drives rose by 18.5 per cent, 83.2 per cent and 110.2 per cent respectively, contributing the most to the growth in electronic NODX. Non-electronic NODX increased by 6.1 per cent in July on a year-on-year basis, following the revised 10 per cent rise the previous month. Specialised machinery, pharmaceuticals and structures of ships and boats contributed the most to the growth in non-electronic NODX.
As per MRC, the value of Singapore's non-oil domestic exports (NODX) rose 6.4% year over year in April, slower than the 7.7% expansion in March, as exports of electronic products fell on a monthly basis. The pace of growth in April was almost in line with the market's consensus forecast, according to ING Bank economist Nicholas Mapa. The city-state's exports of electronic products rose 12.8% year over year in April, faster than the 11.5% expansion in March, driven by strong shipments of integrated circuits, IC parts and telecommunications equipment.