Singapore’s non-oil exports up 3% in February, reversing January’s drop

SINGAPORE exports were back in positive territory in February 2020, thanks to a growth in both electronics and non-electronics shipments.

Non-oil domestic exports (NODX) rose 3 per cent year-on-year in February, reversing from a 3.3 per cent decline in the previous month, according to figures released by Enterprise Singapore on Tuesday.

Electronics exports increased by 2.5 per cent in February, versus a 13 per cent contraction in the previous month. Parts of integrated circuits, capacitors and disk media products contributed the most to the growth in electronics NODX.

Meanwhile, non-electronic shipments grew 3.2 per cent in February, after a 0.1 per cent dip in January. This was attributed to an increase in specialised machinery, non-electric engines and motors, as well as pharmaceuticals.

With the exception of China and Hong Kong, Singapore’s non-oil exports to the majority of the top markets increased in February, the agency said. The largest contributors to the NODX increase were Japan (+61.7 per cent), the European Union (+43 per cent), and the United States (+23.5 per cent).

On a month-on-month seasonally adjusted basis, NODX declined 4.8 per cent in February, reversing the 4.5 per cent growth seen in January. This comes as non-electronic domestic exports declined while electronics exports grew, Enterprise Singapore said.

Year-on-year, total trade grew 5.7 per cent in February 2020, after a 3.2 per cent drop in the preceding month, on increases in both exports and imports.