SINGAPORE’S key exports in August extended the previous month’s rally on the back of a surge in electronics shipments, even as both electronics and non-electronics exports rose.
Non-oil domestic exports (NODX) rose by 10.7 per cent year on year in August, extending the surprise 15.7 per cent jump in the previous month, data from Enterprise Singapore (EnterpriseSG) showed on Tuesday (Sep 17).
On a seasonally adjusted monthly basis however, NODX fell by 4.7 per cent – a sharp slowdown from the previous month’s 12.2 per cent expansion – to S$14.7 billion in August.
Nonetheless, shipments of electronic products surged 35.1 per cent year on year in August, accelerating from the previous month’s 16.8 per cent jump. This was driven largely by the exports of integrated circuits and disk media products, EnterpriseSG said.
Non-electronic shipments grew a more modest 3.7 per cent year on year in the same period, easing considerably from the 15.5 per cent growth in the previous month. The expansion was mostly led by specialised machinery and non-monetary gold.
NODX grew for eight out of Singapore’s top 10 markets, with the euro zone and Japan bucking the trend. This is compared with six in July.
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Exports to Hong Kong clocked the most dramatic improvement with a 70.6 per cent year-on-year surge, turning around from July’s 3.3 per cent contraction. The authorities attributed the growth to integrated circuits, non-monetary gold and disk media products.
NODX to China, Malaysia, the US, Indonesia and Thailand eased compared with the previous month, even as growth remained positive.
Shipments to China rose 18.8 per cent year on year in August, compared with 21.1 per cent previously, while those bound for the US were up 6.4 per cent year on year, slowing down from 28.9 per cent in July.
In contrast, exports to Japan shrank 29.6 per cent year on year in August, deepening from the previous month’s 7.9 per cent contraction. NODX to the euro zone was also down 20.9 per cent year on year, extending the 4.7 per cent contraction in July.
Overall, total trade grew 3.1 per cent year on year in August, easing from the previous month’s 13.6 per cent expansion. Sequentially, however, total trade shrank by 2.8 per cent, reversing from July’s 3.1 per cent growth.
