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Singapore NODX falls 4.5% in May on decline in non-electronics exports
NON-OIL domestic exports (NODX) in Singapore finally succumbed to the Covid-19 pandemic to post a 4.5 per cent drop year on year in May, after four straight months of growth.
The fall, following a 9.7 per cent rise in April, was due mainly to a decline in non-electronics exports.
Month on month, NODX also posted a seasonally adjusted 4.5 per cent gain, according to trade promotion agency Enterprise Singapore.
Total trade contracted 25 per cent year on year in May, extending the 12.9 per cent drop in the previous month. Month on month, it tumbled by a seasonally adjusted 5.4 per cent, easing from a 10.2 per cent decline in April.
NODX shipments to the top 10 markets were still up on the whole last month, though exports to the EU, Indonesia, China, Malaysia, Hong Kong and Thailand fell. The biggest contributors to NODX growth in May were Japan (+52.9 per cent), the US (+50.6 per cent), and Taiwan (+27.2 per cent).
Electronic NODX grew 12.5 per cent year on year in May, rebounding from a 0.6 per cent dip in April.
Non-electronic NODX tumbled 8.8 per cent following a 12.8 per cent rise in the month before. The biggest contributors to non-electronic NODX drop were non-electric engines & motors (-55 per cent), petrochemicals (-31.2 per cent), and food preparations (-24.5 per cent).
Source: https://www.businesstimes.com.sg/government-economy/singapore-nodx-falls-45-in-may-on-decline-in-non-electronics-exports