Demand for made-in-Singapore products continued its slide in July, leading to non-oil domestic exports (NODX) sliding 0.7 percent year-on-year or 1.1 percent month on month.
International Enterprise (IE) Singapore said on August 16 that the year-on-year decline in the NODX was because of the contraction in electronics NODX which outweighed the rise in non-electronic NODX.
The electronics NODX fell 7.6 percent, less sharp than the 12.4 percent drop in June. A decline in exports of personal computer parts, integrated circuits and disk media products resulted in a 12 th consecutive month of contraction facing the electronic segment.
The non-electronics NODX rose 3.0 percent after a 7.2 percent fall in the previous month.
Geographically, NODX shipments rose in four out of Singapore’s top 10 export markets last month. Exports to the United States rose 17.4 percent year on year; to Japan, 0.9 percent and to China, 4.9 percent. Exports to Hong Kong were also on the rise.
Exports to the eurozone - the biggest importer of goods made in Singapore remained in the doldrums even as the region exited from recession in the second quarter, with NODX down 38.5 percent after contracting 33.6 percent in June.
Though the NODX's 8.9 percent year-on-year decline in June eased to a 0.7 percent dip in July, some economists don't even see it picking up strongly enough to meet the newly downgraded official growth forecast of 0-1 percent for the full year.
The only bright spot in July’s trade data is the number for non-oil re-exports (NORX) which showed an 8.3 percent year-on-year jump, extending the 2.5 percent increase in June. According to IE Singapore, the jump in last month's NORX was due to an increase in both electronics and non-electronics NORX.
The data comes just days after the Ministry of Trade and Industry (MTI) raised its economic growth forecast for the year to between 2.5 and 3.5 percent from an earlier 1 to 3 percent.-VNA
International Enterprise (IE) Singapore said on August 16 that the year-on-year decline in the NODX was because of the contraction in electronics NODX which outweighed the rise in non-electronic NODX.
The electronics NODX fell 7.6 percent, less sharp than the 12.4 percent drop in June. A decline in exports of personal computer parts, integrated circuits and disk media products resulted in a 12 th consecutive month of contraction facing the electronic segment.
The non-electronics NODX rose 3.0 percent after a 7.2 percent fall in the previous month.
Geographically, NODX shipments rose in four out of Singapore’s top 10 export markets last month. Exports to the United States rose 17.4 percent year on year; to Japan, 0.9 percent and to China, 4.9 percent. Exports to Hong Kong were also on the rise.
Exports to the eurozone - the biggest importer of goods made in Singapore remained in the doldrums even as the region exited from recession in the second quarter, with NODX down 38.5 percent after contracting 33.6 percent in June.
Though the NODX's 8.9 percent year-on-year decline in June eased to a 0.7 percent dip in July, some economists don't even see it picking up strongly enough to meet the newly downgraded official growth forecast of 0-1 percent for the full year.
The only bright spot in July’s trade data is the number for non-oil re-exports (NORX) which showed an 8.3 percent year-on-year jump, extending the 2.5 percent increase in June. According to IE Singapore, the jump in last month's NORX was due to an increase in both electronics and non-electronics NORX.
The data comes just days after the Ministry of Trade and Industry (MTI) raised its economic growth forecast for the year to between 2.5 and 3.5 percent from an earlier 1 to 3 percent.-VNA
