Singapore non-oil exports rise 4.2% in Feb in third month of increase

• Mar 17, 2021

SINGAPORE’s key exports grew by 4.2 per cent in February, in the third month of increase following the 12.7 per cent expansion in January and 6.8 per cent expansion in the month before.

The increase in non-oil domestic exports (NODX) was mainly due to shipments of non-electronic products, such as non-monetary gold, specialised machinery and petrochemicals, said trade agency Enterprise Singapore on Wednesday.

On a yearly basis, non-electronic NODX rose by 3.3 per cent in February, compared to a 12.5 per cent expansion in the previous month.

Electronic NODX grew by 7.4 per cent, after an expansion of 13.5 per cent in January. Shipments of personal computers, telecommunications equipment, and diodes and transistors contributed the most to the increase.

On a seasonally adjusted, monthly basis, NODX rose by 8.2 per cent in February, after picking up by 6.9 per cent in January. Both electronic and non-electronic domestic exports grew.

NODX to Singapore’s top 10 markets declined as a whole, though exports to China, South Korea, Taiwan and Hong Kong grew. The largest contributors to the decline were the European Union (EU-27), Japan and the US.

However, NODX to emerging markets expanded by 45.7 per cent, building on the growth of 43.2 per cent in January. The increase was mainly due to the Cambodia, Laos, Myanmar and Vietnam bloc, the Caribbean and South Asia markets.

Meanwhile, on a yearly basis, total trade fell by 3.3 per cent in February, after the 1.9 decrease the month before. Both exports and imports declined.

Source: https://www.businesstimes.com.sg/government-economy/singapore-non-oil-exports-rise-42-in-feb-in-third-month-of-increase